The cryptocurrency exchange known as Binance TH, which is a collaboration between Binance and Gulf Energy, unveiled a series of new initiatives as part of a major announcement on Saturday. Of particular note was Binance’s decision to once again support the trading of LUNC and USTC. The addition of tokens from the Terra Classic ecosystem to the Binance TH platform this week caused quite a buzz within the Terra Classic community.
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. Through this event, Binance TH by Gulf Binance is reaching out to those who weathered the Terra-Luna crisis and continue to believe in the resurgence of LUNC. Stay updated with the latest tech news by accessing NEWSLINKER.
The team at Binance TH issued the following statement:
Following the significant crash in 2022, Binance’s former CEO Changpeng Zhao, who is currently in detention, emerged as a staunch supporter of the Terra Classic revival efforts once the community and developers assumed control of the ecosystem. The most notable action taken by Binance in support of this initiative has been the token burns. Binance has conducted burns to reduce the oversupply, incinerating a total of 60.42 billion LUNC tokens and solidifying its position as the largest burner of LUNC tokens.
LUNC and USTC Prices
Despite not yet reclaiming its former glory after the historic decline, LUNC is showing promising signs of recovery. Developer groups, validators, and the community, which constitutes the majority of the ecosystem, are rallying behind LUNC and the former stablecoin USTC in hopes of restoring them to their $1 value.
The burns carried out by both the community and Binance play a vital role in supporting these altcoins.
As of the time of writing, the price of LUNC is trading at $0.00009581, reflecting a 2.75% increase in the last 24 hours. The lowest price observed within this timeframe was $0.0000918, while the highest price reached $0.00009709. During this period, LUNC’s market cap stood at $528 million, and following a 38.38% decrease in trading volume, it settled at $15.2 million.
Conversely, USTC is currently trading at $0.01868 after a 3.68% rise. The market cap of USTC is $114 million, with a trading volume of $8.2 million after a 38.5% decrease.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own due diligence.
