Seriously? Terra Classic (LUNC) soars 60% in a day

Key Takeaways:

  • On Monday, Terra Classic (LUNC) rallied for the second time this month
  • LUNC spiked over 60% in one day, following a 200% rally weeks earlier
  • Cryptocurrency exchange Binance implements Terra Classic (LUNC) Burn Mechanism 
Seriously? Terra Classic (LUNC) soars 60% in a day
Seriously? Terra Classic (LUNC) soars 60% in a day

YEREVAN (CoinChapter.com) — Terra Classic (LUNC), the original native token of the Terra Luna ecosystem, which got rebranded after the Protocol imploded, continues to create ripples. In a new rally, the token soared over 60%.

The price spike comes days after reports that the Singapore Police Force (SPF) was looking for Terraform Labs founder Do Kwon. According to allegations, which Kwon later denied on Twitter, the South Korean developer was on the run and in hiding from authorities, 

Terra Classic, Seriously? Terra Classic (LUNC) soars 60% in a day
Terraform Labs founder Do Kwon denies being on the run

As a result of the debacle, prosecutors in South Korea had asked the International Criminal Police Organization (INTERPOL) to issue a “Red Notice” for Kwon. 

Monday’s rally saw LUNC jump from a daily low of $0.0001825 to an impressive high of $0.0003272. This is the second large rebound this month, following an ever more impressive rally at the beginning of September. 

Terra Classic (LUNC) rallied twice in September.
Terra Classic (LUNC) rallied twice in September. Credit: LUNC – USD pair on TradingView

Terra Classic found investor support as August closed, taking the token on an over 200% rally. As a result, LUNC reached a monthly high of $0.00059402 on September 8.

Recommended: ‘JailKwon’ a new meme token calling for Do Kwon’s arrest soars 450%

Binance implements Terra Classic (LUNC) Burn Mechanism 

The recent rally has reportedly followed a favorable announcement by Binance founder Changpeng Zhao. In a long Twitter thread, the CZ, as he is popularly known, announced that his company would implement a new LUNC burning mechanism. 

Through this, the largest crypto exchange in the world will contribute to the supply decrease of Luna Classic tokens, according to Zhao.

“We have decided to begin burning all trading fees collected on the LUNC/BUSD and LUNC/USDT spot and margin trading pairs on Binance. Fees will be converted to LUNC then sent to the burn address. The burn is paid at our expense, not the users,” 

Zhao announced
Binance will implement a Terra Classic (LUNC) burn mechanism.
Binance will implement a LUNC burn mechanism.

The decision by Binance comes as a huge win for the Luna Classic community. The company had initially announced that it would support the 1.2% tax burns on deposit and withdrawal trading fees. However, this would not apply to the on-chain transactions on LUNC, including spot and margin trading.

As CoinChapter earlier reported, Terra Classic fans had shown their displeasure at the announcement, as over 30% of LUNC tokens are in Binance holdings.

However, with Binance now showing its support, Terra Classic fans are getting more bullish on the altcoin.

Investors are getting bullish on Terra Classic (LUNC).
Investors are getting bullish on Terra Classic (LUNC).

Meanwhile, LUNA, the new token of the Terra ecosystem, continues to remain low. It currently exchanges hands at around $2.55, nearly 90% below its all-time high of $19.54 in May 2022. 

Since you’re here, check out how you can reduce your LUNC trading risks with dollar cost averaging here.

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Terra Classic, Seriously? Terra Classic (LUNC) soars 60% in a day

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