Terra ecosystem cryptocurrencies LUNC and USTC are recording significant gains amidst various positive announcements from projects and crypto exchanges. The steady rise in prices over the past few days has garnered significant attention in the broader crypto market.
The recent rise of Terra Classic-backed tokens appears to be a result of Binance’s USTC-related announcements. Moreover, crypto market traders and investors are heavily scrutinizing the token as Binance’s burn date approaches.
More About the Terra Classic Ecosystem
Interestingly, Binance It recently conducted its 15th LUNC token burn for Terra Luna Classic (LUNC), burning approximately 760 million tokens. This action contributes to a cumulative burn of over 40 billion LUNC by the exchange and 76 billion by the community. Such periodic token burns aim to regulate the supply of tokens by affecting factors such as scarcity and value in the Terra Luna Classic ecosystem.
In addition, the increase in the price of the tokens seems to have affected LUNC’s APR on staking. According to on-chain data, the Terra community recorded a 30% APR with rewards including USTC. This latest development has again sparked curiosity among crypto market enthusiasts as it underlines the role of on-staking in streamlining transactions, maintaining network stability, and providing passive income opportunities.
The community expects Binance to burn more LUNC as trading volumes increase significantly during this rally.
LUNC and USTC Price Evaluation
At the time of writing, LUNC price witnessed a significant 27% jump in the last 24 hours and reached $0.0001208. In addition, the token has surged a significant 66% in the past week and is up a whopping 86% in the past month.
altcoin, appears to be exhibiting bullish momentum in the broader crypto markets following its recent developments. Additionally, trading volume increased significantly by 18%, gaining a value of $358.92 million.
Concurrent with the price surge witnessed by its sister token, USTC price has also risen significantly in the last 24 hours. The token has recorded a 38% increase in the past day and is valued at $0.05447 today. Additionally, the token has gained a whopping 322.40% over the past seven days, showing a monthly gain of 349.31%.
Koinfinans.com As we reported, similar to LUNC, the USTC price also showed an upward trend in the markets. Both tokens appear to be rising rapidly collectively as the Binance burn date approaches. While the tokens have already witnessed an increase of around 200%, the Binance burn phenomenon appears to be a price booster as the circulating supply will potentially decrease. The Binance burn will take place on December 1.