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The Terra ecosystem cryptocurrencies LUNC and USTC are gaining significant rallies amid various favorable announcements from projects and crypto exchanges. The constant upswing in price over the past few days has amassed significant attention within the broader crypto market.
The recent soaring of the Terra Classic-backed tokens appears to come as a result of Binance’s announcements related to USTC. Furthermore, crypto market traders and investors are extensively eyeing the token as Binance’s burning date nears.
More About The Terra Classic Ecosystem
Interestingly, Binance recently executed its 15th LUNC token burn for Terra Luna Classic (LUNC), incinerating approximately 760 million tokens. This action contributes to a cumulative burn exceeding 40 billion LUNC by the exchange and over 76 billion by the community. Such periodic token burns aim to regulate the token supply, influencing factors like scarcity and value within the Terra Luna Classic ecosystem.
Additionally, the surge in the price of the tokens appears to have impacted the APR for LUNC on staking. As per on-chain data, the Terra community noted an APR of 30%, with rewards including USTC. This recent development again sparked curiosity among crypto market enthusiasts as it underlined the role of on-staking in regulating transactions, preserving network stability, and providing passive income opportunities.
The community expects Binance to burn more LUNC as trading volumes jump significantly during this rally.
As the tokens continue advancing within the cryptocurrency universe, crypto market traders and investors appear to be extensively eyeing the token.
Also Read: SEC Vs Terra And Do Kwon: Court Warns Making Confidential Materials Public
LUNC and USTC Price Evaluation
As of writing, the LUNC price witnessed a substantial jump of 27% over the past 24 hours, reaching $0.0001208. Additionally, the token noted a significant surge of 66% over the past week, along with a whopping rush of 86% over the past month.
The token appears to portray a bullish momentum within the broader crypto markets following its recent advancements. Besides, the trading volume also increased substantially by 18%, revaluating $358.92 million while writing.
Concurrent with the price surge witnessed by its sister token, the USTC price also surged remarkably over the past 24 hours. The token noted a 38% increase over the past day, evaluating $0.05447 today. Moreover, the token experienced a colossal surge of 322.40% over the past seven days, along with a 349.31% upswing monthly.
Similar to LUNC, the USTC price also showcased bullish sentiments within the markets. Both the tokens collectively appear to be surging rapidly as the Binance Burn date nears. With the tokens already witnessing an approximate 200% surge, the Binance burning phenomenon appears to come as a price uplifter as the circulation supply will potentially decrease. The Binance burn is all set to happen on December 1.
Also read: Cristiano Ronaldo Faces $1 Bln Lawsuit for Promoting Binance
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