Binance Backs Terra Luna Classic Major v3.3.0 Upgrade, Will LUNC Price Jump?

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As a seasoned crypto investor with a knack for spotting potential in undervalued projects, I find the recent news of Binance supporting Terra Luna Classic’s v3.3.0 upgrade quite intriguing. My personal experience has taught me that when top exchanges like Binance back a project, it often signals a positive momentum.

As an analyst, I’m sharing that starting today, Binance, the world’s largest crypto exchange, has announced its support for the Terra Classic (LUNC) network upgrade. The v3.3.0 update is significant for both the chain and the community, as it will enhance tax management and boost utility by encouraging developer participation and attracting projects.

Binance to Support Terra Luna Classic

According to Binance’s recent announcement, they are set to support the Terra Luna Classic network upgrade. This v3.3.0 update is scheduled for block number 21163600 and is estimated to occur at 14:02 UTC on December 17, as suggested by StakeBin’s data.

The main cryptocurrency trading platform is backing the reemergence of Terra Luna Classic and the restabilization of USTC, implementing a monthly LUNC destruction method to assist the community in lowering the number of coins in circulation.

Binance is going to temporarily halt LUNC deposits and withdrawals as they work on a significant update for the network, aiming to deliver an optimal user experience.

On the previously mentioned platform, the exchange of tokens won’t be disrupted. Binance will manage all the technical aspects required for every user.

Similarly, leading cryptocurrency platforms like Bybit and OKX have also declared their readiness to back the significant update on the Terra Classic blockchain.

Terra Luna Classic v3.3.0 Upgrade Details

Previously reported by CoinGape, the Terrad v3.3.0 update streamlines tax management by automatically withholding taxes from the transferred amount prior to it being received in the recipient’s wallet.

Additionally, it enhances both security and practicality, simplifying the process for developers and decentralized applications (dApps) to construct on the Terra Luna Classic network. The primary emphasis of LUNC restoration lies in utility, burning LUNC tokens, and re-pegging USTC.

393.87 billion LUNC tokens have been destroyed in total, with Binance responsible for the incineration of 68.39 billion. The community is expressing gratitude towards Binance for their assistance in facilitating the upgrade process.

BREAKING: @binance announces support for the $LUNC v.3.3.0 upgrade.

This upgrade simplifies tax handling by automatically deducting tax from the amount sent before it reaches the recipient’s wallet, and makes it easier for developers to deploy on #LUNC.

BUIDL! #Crypto

— Mr. Diamondhandz1 (@MrDiamondhandz1) December 17, 2024

LUNC and USTC Price Performance

In the past 24 hours, the price of Terra Luna Classic (LUNC) dropped by 2%, but it’s still holding above the $0.00012 support level, currently trading at $0.0001296. The price fluctuated between a low of $0.0001278 and a high of $0.0001345 over the same period. Additionally, there’s been a 27% decrease in trading volume over the last 24 hours, suggesting that traders’ interest might be waning.

According to experts, the long-term value appears robust, and the current dip in prices suggests that investors anticipate an increase or “pump” in the near future, as they are consistently staking (investing).

Simultaneously, the price of USTC dipped by 2% due to signals from the broader crypto market. Currently, it’s being traded at $0.02294. Over the last 24 hours, its lowest and highest points were $0.02251 and $0.02418 respectively. Interestingly, the trading volume has significantly increased by 22% during this period.

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2024-12-17 11:00