- Terra Classic (LUNC) showed remarkable market momentum, surging approximately 65% after announcing its listing on Binance.
- The surge in LUNC value coincides with notable developments, including the golden cross pattern and Binance’s burn of approximately 4 billion LUNC tokens, creating positive sentiment across the Terra ecosystem.
The original Terra Chain ecosystem tokens have now been rebranded as: Terra Classic (LUNC)In the last 24 hours, we have witnessed a huge surge of almost 65%, which has brought about a significant change in the market trajectory.
Binance Spark Surge: LUNC Rocket Increases by 65%
LUNC, which initially experienced a temporary decline after an impressive intraday rise, reflected a 26.54% surge, reaching $0.0002388 at the time of reporting. Over the past week, the token has seen an incredible rise of 110%. This rapid increase in value appears to be largely due to the recently announced listing on a respected cryptocurrency exchange. Binance.
Binance announced in an official statement the start of trading for the LUNC/TRY spot trading pair, scheduled to begin on December 5 at 8:00 AM (UTC). The announcement itself caused a noticeable spike in LUNC’s valuation, rising from $0.00019 to $0.000279 in a very short period of time.
As a result, LUNC’s market capitalization soared to an astonishing $1.4 billion, solidifying its position as the 43rd largest cryptocurrency by market capitalization. At the same time, the token’s 24-hour trading volume surged by an astonishing 152%, reaching $1.23 billion, indicating intense interest and engagement among traders.
Terra Classic’s Driving Force: Impacting the Ecosystem
Terra Classic (LUNC) has been on an impressive run since early December, with a golden cross pattern appearing on the daily price chart. Over the past few days, the value of LUNC has risen uninterrupted, with a steady upward trend since December 1st. It got a further boost when Binance announced that it would burn approximately 4 billion LUNC tokens.
Binance carried out a burn of 3,903,522,969.89 LUNC tokens on December 1st. This refers to the accumulated trading fees on LUNC spot and margin trading pairs from October 31 to November 29, amounting to 362,617.17 USDT.
This optimistic surge has also shone a favorable light on other tokens within the Terra and Terra Classic ecosystems. Both Terra (LUNA) and Terra Classic USD (USTC) have observed significant price increases over the past 24 hours. In particular, Terra Classic USD, previously recognized as UST, surged more than 300% in the previous week, coinciding with Binance introducing new USTC perpetual contract listings.