Binance Reportedly Assisting Terra Classic Community With USTC Revival

LUNC News: Terra Luna Classic community gets a major contribution from the world’s largest crypto exchange Binance in LUNC burn campaign to reduce the supply. However, a post by a community associate at the crypto exchange sparked a buzz in the community indicating that the exchange also assists in the USTC revival plan.

Binance Assists Terra Classic Community In USTC Revival

A cryptic post on the X platform by Binance community associate Diana began a narrative that crypto exchange is reportedly helping the Terra Luna Classic community in the USTC revival.

The post was shared by Mr Diamondhandz1, a popular community member and owner of LuncLive validator. He said the exchange is likely assisting the community in the USTC revival plan in addition to Binance’s monthly LUNC burn mechanism.

Binance has burned over 62 billion LUNC, accounting for 49% of the total tokens burned by the community. As per data, the community has burned more than 126 billion tokens. With USTC repeg plan in limbo, the community now depends upon Terraform Labs to burn USTC in their wallets and Luna Foundation Guard wallets.

Notably, Binance is also a holder of Terra Luna Classic ecosystem tokens. Former CEO Changpeng Zhao disclosed that the company invested $3 million in Terra (now Terra Luna Classic) and never moved or sold LUNC holdings.

Also Read: Terra Classic Staking Nears ATH As Dev Reveals Update, LUNC OI Rises

LUNC Price Action Amid the Positive News

LUNC price jumped over 1% in the past 24 hours, with the price currently trading at $0.00007192. It pares earlier gains and failed to surpass the $0.000072 level, but the community remained upbeat about a massive upside momentum as the crypto market recovers.

The 24-hour low and high are $0.00007012 and $0.0000729, respectively. Meanwhile, trading volume decreased by 22%, indicating a lack of interest among traders.

Meanwhile, USTC price climbed by 0.50%, with the price now trading at $0.01608. The 24-hour low and high are $0.01579 and $0.01636, respectively. Trading volumes saw a 41% decline in the last 24 hours as traders remain uninterested amid uncertainties in the crypto market.

Also Read: Coinbase Ventures Buys 4.7 Million Tokens Of This Project — Nansen

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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