The latest Binance announcement about Terra Classic has been aiding the price growth of Terra ecosystem tokens, including LUNC, LUNA, and USTC.
Terra Classic (LUNC), which is trading at $0.0002558, has witnessed a 29.61% surge in its price within the past 24 hours and a substantial 162.72% surge over the past week. LUNC’s current market cap is approximately $1,495 billion placing it at #44 among the top 50 cryptocurrencies based on market cap.
Read Also: Terra Classic Surges 32% As Binance Burns About 4 Billion LUNC. A Strong Comeback At Hand?
This increase in LUNC’s price can be linked to an announcement by Binance, the world’s leading cryptocurrency exchange. Binance’s official announcement revealed that the LUNC/TRY spot trading pair will be available starting December 5 at 8:00 AM UTC.
The addition of this trading pair is a significant development for the Terra Classic community, as it will provide increased liquidity and exposure for the token.
Additionally, Binance has carried out another significant LUNC burn, removing 3.9 billion tokens from circulation, further strengthening the cryptocurrency’s recent upward trend.
This massive burn took place on December 1, 2023, and represents the 16th LUNC burn conducted by Binance. The burn involved LUNC tokens accumulated from trading fees from October 31 to November 29, 2023.
The burn initiative has proven effective in bolstering LUNC’s price and revitalizing the Terra Classic ecosystem. As the circulating supply of LUNC diminishes, the token’s value is expected to appreciate, attracting new investors and driving further growth.
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Binance Introduces USTC Perpetual Contract
The optimistic outlook has also influenced other tokens within the Terra and Terra Classic ecosystems. Terra (LUNA) and Terra Classic USD (USTC) have witnessed significant price upticks in the last 24 hours.
Notably, USTC has surged in the past week in response to Binance’s introduction of a new USTC perpetual contract, which provides traders with a leverage of up to 50x.
Read Also: Binance Lists New TerraClassicUSD (USTC) As Terra Classic (LUNC) Braces For More Gains
The USTC Perpetual Contract enables traders to speculate on the forthcoming price of USTC, the native stablecoin of the Terra Classic blockchain, without the necessity of possessing the underlying asset. This contract type appeals to traders aiming to hedge their current USTC positions or take advantage of short-term price fluctuations.
This recent inclusion in Binance’s futures trading offering represents a remarkable advancement in the exchange’s dedication to offering a wide range of trading choices for its users.
With the upgrades, major announcements, and support from the community, the LUNC ecosystem is expected to keep soaring. LUNC also recently crossed key resistance points, and a massive surge before the end of the year could be imminent.
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