- Terra Classic (LUNC) has surged by nearly 65% following its listing announcement on Binance, exhibiting remarkable market momentum.
- The surge in LUNC’s value coincides with notable developments, including a golden cross pattern and Binance’s incineration of nearly four billion LUNC tokens, fostering positive sentiment across the Terra ecosystem.
The original Terra Chain ecosystem token, now rebranded as Terra Classic (LUNC), has witnessed a staggering surge, escalating by nearly 65% within the last 24 hours, marking a momentous shift in its market trajectory.
Binance Sparks Surge: LUNC Rockets by 65%
Initially experiencing a momentary dip after an impressive intraday climb, LUNC reflected a 26.54% surge, reaching $0.0002388 at the time of reporting. Over the past week, the token has showcased an astounding surge of 110%. This meteoric rise in value seems largely attributed to the recent proclamation of its listing on the esteemed crypto exchange, Binance.
Binance, in an official statement, disclosed the commencement of trading for the LUNC/TRY spot trading pair, scheduled to kick off on December 5th at 8:00 a.m. (UTC). The announcement itself sparked a notable spike in LUNC’s valuation, propelling it from $0.00019 to $0.000279 in a remarkably short span.
As a result, LUNC’s market capitalization has soared to an impressive $1.4 billion, solidifying its position as the 43rd largest cryptocurrency by market cap. Concurrently, the token’s 24-hour trading volume has surged by a remarkable 152%, peaking at $1.23 billion, indicative of fervent interest and engagement among traders.
Terra Classic’s Momentum: Influencing the Ecosystem
Terra Classic (LUNC) has been on an extraordinary ascent since the advent of December, coinciding with the emergence of a golden cross pattern on its daily price charts. The past few days have witnessed an uninterrupted surge in LUNC’s value, marking a consistent ascent since December 1st, fueled further by Binance’s announcement of the incineration of nearly four billion LUNC tokens.
Binance executed the burning of 3,903,522,969.89 LUNC tokens on December 1st, representing accumulated trading fees from LUNC spot and margin trading pairs spanning October 31st to November 29th, amounting to 362,617.17 USDT.
This optimistic surge has also cast a favourable light on other tokens within the Terra and Terra Classic ecosystems. Terra (LUNA) and Terra Classic USD (USTC) have both observed significant upswings in their prices over the past 24 hours. Particularly, Terra Classic USD, previously recognized as UST, has surged by over 300% in the preceding week, coinciding with Binance’s introduction of a new USTC perpetual contract listing.
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