LUNC News: Binance Reportedly Assisting Terra Classic Community With USTC Revival

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As a researcher with a background in cryptocurrency and blockchain technology, I find the recent developments surrounding Terra Luna Classic (LUNC) and its relationship with Binance particularly intriguing. Based on my analysis of the available information, it appears that Binance’s involvement in the LUNC community extends beyond their monthly burn campaign.

As a crypto investor in Terra Luna Classic (LUNC), I’m excited to share that our community has received a significant boost from Binance, the world’s largest cryptocurrency exchange, through their LUNC burn campaign. This campaign aims to reduce the supply of LUNC by burning tokens, which could potentially increase the value of each token.

Binance Assists Terra Classic Community In USTC Revival

A cryptic message from Binance community representative Diana on the X platform started a tale, hinting at reports that Binance is aiding the Terra Luna Classic community in their efforts to revive USTC (Uridium Stablecoin) on the crypto exchange.

Mr. Diamondhandz1, a well-known figure and proprietor of LuncLive validator within our community, recently disseminated a post. He posited that the exchange is possibly contributing to the USTC revival initiative, alongside Binance’s regular monthly LUNC token burn program.

Binance has burned over 62 billion LUNC, accounting for 49% of the total tokens burned by the community. As per data, the community has burned more than 126 billion tokens. With USTC repeg plan in limbo, the community now depends upon Terraform Labs to burn USTC in their wallets and Luna Foundation Guard wallets.

Significantly, Binance owns Terra Luna Classic ecosystem tokens, a fact revealed by its former CEO Changpeng Zhao. He shared that the corporation had invested $3 million in Terra (now referred to as Terra Luna Classic) and has kept its LUNC holdings unmoved and unsold.

LUNC Price Action Amid the Positive News

I’ve analyzed the price movement of LUNC over the past 24 hours, and I can report that it experienced a noteworthy increase of more than 1%. At present, the token is being traded at a price of $0.00007192. Although it fell short of reaching the $0.000072 mark, the community continues to express optimism regarding significant upward momentum as the broader crypto market exhibits signs of recovery.

The price dipped to a low of $0.00007012 and peaked at a high of $0.0000729 within the past 24 hours. At the same time, there was a 22% reduction in trading activity, suggesting that demand from traders was relatively low.

As an analyst, I’ve observed that USTC’s price has experienced a 0.50% rise, placing it at $0.01608 currently. The day’s lowest and highest points were recorded at $0.01579 and $0.01636 respectively. Notably, there has been a significant drop of 41% in trading volumes over the past 24 hours, indicating that traders are holding back their moves due to ongoing uncertainties within the crypto market.

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2024-07-11 19:00