After the Terra explosion in mid-2022, although Terra's old chain token LUNC and stable currency USTC both plummeted to close to zero, the community still did not give up, and the currency prices of the two tokens repeatedly skyrocketed due to community proposals and speculation. plummeted.
Yesterday evening (1st), Binance burned nearly 3.903 billion Terra Luna Classic (LUNC) in the 16th batch of LUNC destruction. Coingape pointed out that since Binance began to implement the currency burning tax policy proposed by the Terra community in October last year, it has destroyed more than 43 billion LUNC tokens, accounting for 52% of the total 83 billion tokens destroyed by the community.
Further reading: Binance reduces the LUNC burning tax rate from 1.2% to 0.2%! Follow up on the 5324 proposal just passed by the community
LUNC surged 26%
It is understood that yesterday’s destruction of nearly 4 billion LUNCs was the largest in the past few months. Last month, Binance only destroyed 760 million LUNCs, setting the lowest level since the LUNC currency burning activity. However, it seems that because Binance has recently launched USTC perpetual contracts and new USTC trading pairs, the trading volume of Terra-related tokens has increased significantly this week, resulting in a scale of LUNC burning that Binance has never seen in the past few months. .
After the latest burn on Binance yesterday, LUNC rose by more than 26%, reaching $0.000145, and reported at $0.000137 at the time of writing, a surge of 18.4% in the past 24 hours, and an increase of 83.1% in the past week.
USTC surged 346% in a single month
USTC has recently regained market popularity because members of the Anchor team will launch a new project, Mint Cash. According to reports from Dongzhong, the project will be cold-started through $USTC in 2 ways:
- Hold $UST or $LUNA before the crash on May 10, 2022
- A specified amount of $USTC is locked and destroyed through the Mint Cash airdrop
Affected by the good news from Mint Cash, USTC has increased by more than 346% in the past 30 days and is now trading at $0.052881.
Extended reading: USTC doubles and doubles again, why does the stablecoin project Mint Cash make the market so FOMO?
Terra community hype continues
The recent popularity of USTC and LUNC has also fueled the hype in the Terra community. Some netizens took the opportunity to call Coinbase to quickly consider re-listing LUNC . Some community members claimed that LUNC and USTC will become the greatest cryptocurrency recovery story in history, and justice will eventually be served. .
*It should be noted that LUNC and USTC often fluctuate violently in currency prices due to community proposals. This article does not provide any investment and financial advice. Please be cautious when investing in highly volatile tokens.
Hahaha $0.00014 was today keep pushing
Next goal $0.00028 and $0.0159
RT if you're diamond hand. #LUNC pic.twitter.com/k0UAByua6y
— LunaClassic HQ
™ (@LunaClassicHQ) December 1, 2023
