Binance launches LUNC/USDT trading pair amid Terra Classic’s surge
On September 7, the bitcoin rate fell to its lowest level since June (below $19,000 per coin), and the cryptocurrency market capitalization once again fell below $1 trillion. Over the course of the day, the main cryptocurrency partially recouped its losses, but the other interesting thing is that of the 100 largest cryptocurrencies by capitalization, the infamous Terra Classic (LUNC) has grown the most over the past day — +40.54%. In response to the rapid growth, Binance has launched a new trading pair with Tether for Terra Classic (LUNC).
Interest in the token is growing rapidly despite the current bearish trend and lack of huge benefit from LUNC. According to data from CoinMarketCap, as of September 8, LUNC’s market capitalization was $3.2 billion — in the last week (from September 1 to 8), it increased by $1.68 billion, or 101.2%.
Binance launches LUNC/USDT trading pair amid Terra Classic’s surge
The dynamics of the Terra Classic (LUNC) exchange rate over the past week
Currently, the trading volume of LUNC on Binance exceeds $1.5 billion, a high level that necessitates the addition of new trading pairs for LUNC.
Now LUNC ranks 24th in terms of market capitalization — thanks to such high growth rates, the crypto asset has overtaken such well-known coins as Bitcoin Cash, Monero, ApeCoin, Tezos, etc. in the ranking.
At press time, LUNC was trading at $0.00055 after corresponding to an increase of over 62% in the last 24 hours.
What exactly is the reason for the LUNC rally
As Finbold points out, the LUNC community’s efforts are nothing more than an attempt to restore the network’s lost glory and shake off the ‘rogue coin’ notoriety. Everyone remembers the collapse of the Terra blockchain at the beginning of the year, which seriously collapsed the entire cryptocurrency market?
To achieve this goal, LUNC investors mostly resort to short-squeezing (haven’t you watched The Downside Game?) LUNC, fueled by social media campaigns. After the crash, some users are also hoping that the asset will follow the growth trajectory of other famous memcoins such as Dogecoin (DOGE) and Shiba Inu (SHIB).
At the same time, LUNCs continue to be supported by major cryptocurrency exchanges that continue to list the token. For example, the cryptocurrency exchange KuCoin has announced that it will support the upgrade of the LUNC network after the implementation of the burning mechanism and the publication of the tax road map. Notably, the rally coincided with more than 400 million LUNC tokens burned, along with more than 520 billion tokens being staked.
In addition, Terra released a new Governance Alert Bot that notifies the community of all governance operations on the network.
In general, the LUNC rally is in line with the general upward trend of cryptocurrencies owned by bankrupt companies. Tokens belonging to Celsius (CEL) and the overall Terra ecosystem have grown significantly, despite initial expectations that they would disappear. It is possible that the current rapid growth of LUNC is due solely to speculative sentiments and not to fundamental factors. Time will tell what will happen next with the coin.
