- Binance’s Role in LUNC Rally: Binance’s introduction of new trading pairs and token burns have been pivotal in driving the recent rally of the LUNC token.
- Revival of Terra Ecosystem: Binance’s support extends beyond LUNC, positively impacting USTC and the broader Terra ecosystem.
Binance’s Influence on LUNC’s Market Performance
The LUNC token, part of the Terra ecosystem, has seen a significant rally in the cryptocurrency market, largely attributed to strategic actions by Binance, the world’s largest crypto exchange.
New Trading Pairs and Token Burns
Binance has played a key role in supporting LUNC, especially after the Terra collapse. Initially, Binance paired LUNC with its native BUSD stablecoin. Following the announcement of discontinuing BUSD, Binance added a LUNC/USDT trading pair to facilitate easier trading of the token.
Continuing its support, Binance recently introduced the LUNC/TRY trading pair, along with several other new pairs for different altcoins. This new trading pair went live on December 5, 2023, and the anticipation of this listing contributed to a significant rally in LUNC’s price.
Ongoing Token Burns by Binance
In addition to introducing new trading pairs, Binance has consistently carried out scheduled burns of the LUNC token. The most recent burn, executed on December 1, saw the exchange eliminate another 3.9 billion LUNC tokens. These burns involve destroying LUNC tokens generated from trading fees in a single transaction, initially on a weekly and later on a monthly basis. This continuous reduction in the token’s supply has bolstered investor confidence in LUNC.
Impact Beyond LUNC: USTC’s Recovery
Binance’s impact on LUNC has had ripple effects on the Terra ecosystem, particularly benefiting USTC (TerraUSD Classic). As LUNC experienced a 250% rise in price over the last 30 days, USTC has seen an even more impressive increase of over 360% during the same period.
This surge in USTC’s value can be directly linked to Binance, which listed USTC, alongside LUNC, on its perpetual contracts platform. The heightened trading volume of these digital assets has further fueled their price growth.
Binance’s strategic initiatives, including the introduction of new trading pairs and consistent token burns, have significantly influenced the LUNC token’s rally. Additionally, Binance’s support extends to the broader Terra ecosystem, with positive impacts on USTC and other related tokens. As the Terra community continues to pass key proposals for the ecosystem’s revival, Binance’s role remains crucial in shaping the future trajectory of these digital assets.