The cryptocurrency exchange known as Binance TH, a collaboration between Binance and Gulf Energy, unveiled new developments as part of a significant initiative on Saturday. Among these developments, Binance announced its support for LUNC and USTC trading once again. The listing of tokens from the Terra Classic ecosystem by Binance TH this week caused quite a buzz within the Terra Classic community.
Binance TH and LUNC Announcement
In a post on the X social media platform on June 15, Binance TH introduced an event titled “From Collapse to Resurrection LUNC?” to the crypto community. Gulf Binance’s Binance TH is seeking individuals who have experienced the Terra-Luna crisis and still hold faith in the revival of LUNC. For the latest technology news, visit NEWSLINKER.
The Binance TH team released the following statement:
Following the historic collapse in 2022, Binance’s former CEO Changpeng Zhao, who is currently under detention, emerged as a key advocate for the Terra Classic revival process once community members and developers took over the ecosystem’s management.
The most notable action taken by Binance in support of this cause was the burning of tokens. Binance conducts periodic burns to decrease the overall supply, having burnt 60.42 billion LUNC tokens, positioning itself as the largest burner of LUNC.
LUNC and USTC Prices
Despite not fully recovering from the previous downfall, LUNC is displaying signs of improvement. Developer groups, validators, and the community – a major component of the ecosystem – are providing substantial backing for LUNC and the former stablecoin USTC to reach a value of 1 dollar once again.
In this context, the burns carried out by both the community and Binance are deemed significant for altcoins.
At the time of writing, the price of LUNC stands at $0.00009581, showing a 2.75% increase in the last 24 hours. The lowest and highest prices recorded in the past 24 hours were $0.0000918 and $0.00009709 respectively. During this timeframe, LUNC’s market cap stood at $528 million, with a trading volume decrease of 38.38%, reaching $15.2 million.
On the other hand, USTC is currently trading at $0.01868 after a 3.68% increase. The market cap for USTC is $114 million, while the trading volume, following a 38.5% decrease, is at $8.2 million.
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Disclaimer: The information provided in this article is not to be taken as investment advice. Investors need to be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
