/industry-wired/media/agency_attachments/2024/12/04/2024-12-04t130344212z-iw-new.png)
/industry-wired/media/agency_attachments/2024/12/04/2024-12-04t130332454z-iw-new.jpg)
/industry-wired/media/post_attachments/wp-content/uploads/2023/12/Terra-Classic-Soars-22-Following-Binances-Token-Burn-.jpg)
Market fluctuation, Terra Classic value soars by 22% after Binance's big token burn event
The start of the crypto bear market was spearheaded by the Terra tokens USTC and LUNC last year. They are now spearheading a market upswing and displaying significant bullish strength. With a 20% rise today, Terra Luna Classic previously known as LUNA has a market valuation of more than $1 billion. In the last week, its price has more than doubled, and in the last month, it has tripled. At $0.00018, $LUNC is currently the 55th largest cryptocurrency on the market, according to CoinMarketCap. By market capitalization, TerraClassicUSD previously known as UST has also broken into the top 100 cryptocurrencies. Currently ranked 90th among cryptocurrencies, its market capitalization exceeds $535 million. The price of USTC, which is currently trading at $0.06, has increased by about 500% over the last month and tripled over the last week.
Terra Classic: Why Is It Pumping?
Both USTC and LUNC were worthless following the Terra Luna crash of the previous year. Nonetheless, the Terra community persisted in believing that cryptocurrencies would return, and their conviction is finally being rewarded. The USTC Perpetual Contract, which offers up to 50x leverage, was listed for trading on Binance Futures on November 27, greatly bolstering the Terra ecosystem.
Additionally, Mint Cash, a permissionless payment system supported by Bitcoin, revealed plans to revive the Terra ecosystem, Anchor Protocol, and USTC by using Bitcoin as collateral for the stablecoin this time. The initiative is also being supported by Aleph Research, whose executive director, Daniel Hong, asserts that the redesigned plan will recreate "what the original Terra stablecoin failed to deliver."
Additionally, Mint Cash declared an airdrop for holders of $UST and $LUNA before the crash, a move that has greatly piqued the excitement of the Terra Luna community. The Bitcoin-backed Terra restoration plan along with Binance's futures offering caused both USTC and LUNC to see significant increases in value.
Binance also revealed on December 1st that it had burnt around 4 billion LUNC tokens to limit supply and perhaps increase the price of Terra Luna Classic. As of right now, the biggest cryptocurrency exchange has burned almost 43 billion LUNC tokens or 52% of the entire burn that has been initiated by the community.
In conclusion, Proposal 11890, “Upgrade to v2.3.2 (Sequence Mismatch Issue Resolution),” was overwhelmingly approved by the Terra Luna Classic Community. This decision has also helped to lower the cost of LUNC. A possible price collapse is being warned about by analysts, even though LUNC and USTC have shown exceptional bullishness over the previous month. In fact, within the last hour, Terra Luna Classic has corrected by 4%, whereas TerraClassicUSD has fallen by 7%.