Terra Chain’s original token, LUNC, recently rebranded as Terra Classic, has experienced a remarkable price surge of nearly 65% within the past 24 hours. However, some of its intraday gains were lost, settling with an increase of 26.54% and a new price of $0.0002388 at the time reported. The last seven days have also seen a 110% price surge for the token.
Renowned crypto exchange, Binance’s recent announcement of a new listing seems to be the driving force behind this significant increase. In an official statement, Binance confirmed its plan to initiate trading for LUNC/TRY spot trading pair on December 5 at 8:00 a.m. UTC. This news was well received, as evidenced by the value of LUNC jumping from $0.00019 to $0.000279 within a short period.
The token’s market cap has similarly improved drastically, currently sitting at an impressive $1.4 billion and making LUNC the 43rd largest cryptocurrency by market capitalization. Additionally, LUNC’s 24-hour trading volume experienced a 152% boost and currently stands at $1.23 billion. This surge indicates significant investment interest and active trading.
From the commencement of December, Terra Classic has shown significant pricing growth which aligns with the appearance of a golden cross in its daily price chart. Since December 3, the token has had two continuous days of robust price elevation which is projected to stretch into a four-day gain streak following Binance’s announcement of a 3.9 billion LUNC tokens burn.
Binance burned the tokens on December 1, which amounted to trading fees on LUNC spot and margin trading pairs from October 31 to November 29 and equated to a total of 362,617.17 USDT. The rest of the Terra and Terra Classic ecosystem tokens also benefited from the positive sentiment that this induced. Terra (LUNA) and Terra Classic USD (USTC) recorded significant price hikes within the past 24 hours, with USTC seeing a more than 300% increase since Binance unveiled a new USTC perpetual contract listing.