Terra Luna Classic Price Jumps 90% On This Announcement

Luna Classic (LUNC) prices rose sharply on Monday after Binance said it will launch new perpetual contracts for the token.

The move indicates support for LUNC even after Terra 2.0’s launch, which saw the airdrop of the new LUNA last week. LUNC jumped by over 90% in the last 24 hours, and is trading at an average price of $0.000150.

However, the new Terra LUNA prices declined by over 60% after the initial launch. Meanwhile, LUNA Classic (LUNC) prices showed some green indexes days after the horrible collapse.

Binance to issue BUSD-margined 1000 LUNC

The Terra LUNA airdrop got the backing of many crypto exchange platforms and service providers. The world’s largest crypto exchange, Binance announced the listing of the new LUNA token. However, the declaration mentioned putting it in the “innovation zone”. Binance mentioned that it will be issuing the Terra 2.0 (LUNA) to all entitled LUNC or USTC holders based on the proposed ratio. However, the deposits and withdrawal for the token will open on May 31, 2022, at 05:30 (UTC).

In the latest development, Binance futures revealed that they will be launching the BUSD-margined 1000LUNC perpetual contracts with up to 20x leverage. The issues will be made tomorrow, May 31, 2022, at 02:45 AM (UTC).

The LUNC token whose prices crashed completely to the ground saw a jump of over 185% in its 24 hour trading volume. Its amount stands at $256 million. However, LUNA classic is still holding a total market cap of around $990 million. Meanwhile, the South Korean agencies are intensively investigating the probable reason behind the historic collapse. The involvement of the crypto exchanges during the crash is also under consideration.

New LUNA jumps by 13%

Terra’s meant to be stablecoin, TerraClassicUSD also saw a jump over 20% in the meantime. The token is now trading at a price of $0.0328.

Meanwhile, the Terra LUNA 2.0 finally registered a surge in its price from the initial fall. The token is up by over 13% in the past 24 hours. LUNA is trading at an average price of $6.6 after dropping from the price level of $17.

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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