The cryptocurrency exchange known as Binance TH, which is a result of a collaboration between Binance and Gulf Energy, unveiled new developments as part of a major initiative over the weekend. One of the key announcements was Binance’s decision to once again support trading for LUNC and USTC. This move caused quite a buzz within the Terra Classic community as Binance TH listed a group of tokens from the Terra Classic ecosystem.
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. Binance TH, backed by Gulf Binance, is reaching out to individuals who weathered the Terra-Luna crisis and still hold onto hope for the revival of LUNC. Stay updated with the latest tech news on NEWSLINKER.
The Binance TH team issued the following statement:
Following the significant collapse in 2022, Binance’s former CEO Changpeng Zhao, who is currently in custody, emerged as a staunch supporter of the Terra Classic revival efforts once the community and developers assumed control of the ecosystem’s management.
A major step taken by Binance in support of this initiative is the token burns. To reduce the abundant supply, Binance has been conducting burns, torching a whopping 60.42 billion LUNC tokens, establishing itself as the largest burner of LUNC.
LUNC and USTC Prices
Despite not fully recovering from the historic decline, LUNC is showing signs of a comeback. Developer teams, validators, and the community, which constitutes the majority of the ecosystem, are rallying behind LUNC and the former stablecoin USTC to reclaim their $1 value.
The burns carried out by both the community and Binance are seen as crucial for these altcoins.
As of the time of writing, the price of LUNC is trading at $0.00009581, marking a 2.75% increase in the last 24 hours. LUNC hit a low of $0.0000918 and a high of $0.00009709 in the past 24 hours. During this period, LUNC’s market cap stood at $528 million, with a trading volume drop of 38.38%, reaching $15.2 million.
On the other hand, USTC is trading at $0.01868 post a 3.68% increase. USTC’s market cap is $114 million, while its trading volume has decreased by 38.5%, standing at $8.2 million.
Stay updated with our news on Telegram, Facebook, Twitter & Coinmarketcap.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their research.
