The crypto exchange Binance TH, resulting from a joint venture between Binance and Gulf Energy, discussed new steps as part of a significant initiative on Saturday. The most important of these steps was Binance’s support for LUNC and USTC trading once again. The group of tokens traded under the Terra Classic ecosystem was listed by Binance TH this week, causing a significant stir in the Terra Classic community.
Binance TH and LUNC Announcement
Binance TH, in a post on the X social media platform on June 15, introduced the event “From Collapse to Resurrection LUNC?” to the crypto community. Binance TH by Gulf Binance is looking for people who experienced the Terra-Luna crisis and still believe in the revival of LUNC.
The Binance TH team made the following statement:
They will contact those most affected by LUNC, inviting them to join the discussion and share their experiences with us via Binance TH Live. Selected participants will win Binance TH Swag and special prizes.
After the historic collapse in 2022, Binance’s former CEO Changpeng Zhao, who is currently detained, became one of the biggest supporters of the Terra Classic revival process after the community and developers took over the ecosystem’s management.
The most significant move made by Binance under this support was the burns. To reduce the existing high supply, Binance periodically conducts burns, having burned 60.42 billion LUNC tokens, making it the largest burner of LUNC.
LUNC and USTC Prices
Although LUNC has not returned to its former days after the historic decline, it shows signs of recovery. Developer groups, validators, and the community, which is the largest part of the ecosystem, provide significant support for LUNC and the former stablecoin USTC to return to 1 dollar.
In this context, the burns conducted by both the community and Binance are considered significant for altcoins.
LUNC price is trading at $0.00009581 at the time of writing, following a 2.75% increase in the last 24 hours. The lowest price seen in the last 24 hours for LUNC was $0.0000918, while the highest price was $0.00009709. During this period, LUNC’s market cap was $528 million, and after a 38.38% decrease in trading volume, it reached a value of $15.2 million.
On the other hand, the USTC price is trading at $0.01868 after a 3.68% increase. USTC’s market cap is at $114 million, while its trading volume, after a 38.5% decrease, is at $8.2 million.
