Terra tokens rallied in the last 24 hours and led Binance’s top gainer ranking.
Terra investors are having a field day as the ecosystem tokens Terra Luna Classic (LUNC), UST Classic (USTC), and LUNA have been on a massive rally for the past 24 hours.
At press time, all three Terra tokens are currently leading Binance’s “Top Gainer” rankings, with LUNC leading the race. According to data from the Binance trading platform, over the last 24 hours, LUNC is up 63.49%, LUNA is second in the ranking, up 32.69%, while USTC is third with a 30.15% surge.
What’s Fueling Terra Tokens Surge?
The Terra cryptocurrencies are leading the Binance Top Gainers rankings, while other altcoins are still struggling from yesterday’s dip.
Seeing these three Terra tokens on the world’s largest exchange’s top gainer list is not surprising. As reported by The Crypto Basic yesterday, Binance said going forward, it would burn LUNC fees on spot and margin trading pairs as part of an effort to reduce the token’s circulating supply, which will ultimately boost the asset’s price. While the announcement was specifically for Luna Classic, other Terra tokens also recorded a meteoric rise.
It is noteworthy that since the collapse of the Terra ecosystem, it is not often that the Terra community receives positive news. Several negative reports have trailed the Terra project in the past few weeks, leading to a plunge in the tokens’ prices.
Two weeks ago, all Terra tokens plunged over 30% after South Korean authorities issued an arrest warrant for Do Kwon, the founder of TerraForm Labs, the company behind the development of LUNC, USTC, and LUNA.
The community was anticipating positive news to enable the token rally again, and they got their wish after Binance said it would burn LUNC fees on spot and margin trading pairs.
According to Santiment, something is better than nothing for Terra investors these days, and the community will always react to any positive development.
Based on this, Santiment expects week-long volatility for Terra ecosystem tokens.