Binance Boosts LUNC Token with New Trading Pair and Burns
The LUNC token has gained significant momentum in the market, and Binance’s actions have played a crucial role in driving its rallies. The world’s largest crypto exchange has made major announcements regarding the altcoin, contributing to its success.
Binance Introduces New LUNC Pair And Burns Tokens
Binance showed unwavering support for LUNC even after the collapse of Terra, initially pairing it with BUSD stablecoin. When BUSD was discontinued, Binance added a LUNC/USDT trading pair to facilitate easy trading.
In another move to support the token, Binance announced the listing of a new trading pair: LUNC/TRY. This listing went live on December 5th and led to a tremendous rally in the token’s price.
Binance has also continued its scheduled burns of LUNC tokens. The most recent burn took place on December 1st, where 3.9 billion tokens were burned. This practice involves taking the tokens generated from trading fees and burning them in a single transaction. The continuous reduction of the token’s supply has increased investor confidence in the asset.
Reviving The Terra Ecosystem Tokens
Binance’s impact extends beyond the price of LUNC alone. USTC, another Terra ecosystem token, has also seen significant gains due to Binance’s involvement. In the past 30 days alone, LUNC’s price has risen over 250%, while USTC’s price has increased by more than 360%.
Binance listed both USTC and LUNC perpetual contracts on their exchange, which resulted in an increase in trading volume for both tokens and further fueled their price surge.
The Terra community has also passed important proposals to restore the USTC peg to the US dollar. If successful, this achievement will bring USTC back into the spotlight and propel LUNC along with it.
Hot Take: Binance’s Support Drives LUNC’s Success
Binance’s unwavering support for LUNC has been a major driving force behind its success. By introducing new trading pairs and conducting token burns, Binance has boosted investor confidence and fueled the token’s price rallies. The listing of a LUNC/TRY pair and the continuous reduction of the token’s supply through burns have contributed to its tremendous growth. Additionally, Binance’s involvement has not only benefited LUNC but also other tokens in the Terra ecosystem, such as USTC. With Binance’s support and the Terra community’s efforts to restore the USTC peg, these tokens are experiencing significant gains and regaining attention in the market.
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