Terra Classic (LUNC) has surged by 15% in 24 hours, with its market cap reclaiming the $1B zone following Binance’s latest monthly burn.
The Terra Classic (LUNC) market capitalization recaptured the $1B territory ten days after it crashed below the zone. The development was propelled by the asset’s recent surge of 18% in the past week following Binance’s latest monthly burn for November.
The value of LUNC skyrocketed by 15.5% yesterday, leading to a massive increase in its market capitalization, which surged above $1B today, per data from CoinMarketCap. The asset has begun the last month of the year on propitious grounds, as reports surfaced, indicating Binance’s commitment to supporting the LUNC community on the burning campaign.
Binance Terra Classic Burns
Binance, the world’s largest exchange by 24-hour trade volume, incinerated up to 6.3 billion LUNC tokens for November, as previously reported. Following the burn transaction, Binance’s total burn increased to 20.1B LUNC, with the total burn from all entities since the start of the campaign sitting at a whopping 35.2B LUNC.
LUNC Trading Volume
These reports reawakened investor interest in the asset as 24-hour trade volume rallied from $80M+ on November 30 to $126M+ on December 1, marking a 57.4% increase in less than 24 hours, according to CMC. The volume further surged by another 98% today, increasing to the current value of $250M+ at the reporting time.
Terra Classic Above Huobi Token, Tezos, and Others
The favorable conditions have laid the foundation for a new relief rally which has seen the asset surge by 15.52%, leading to a concurrent increase in its market capitalization. LUNC’s market cap currently sits at $1.11B for the first time since November 14. The asset now secures the 39th position of largest crypto assets by market cap, above Huobi Token (HT), Pax Dollar (USDP), Tezos (XTZ), and Aave (AAVE).
Other LUNC Developments
Meanwhile, sentiments within the LUNC camp have picked up, as notable development activities remain prevalent of late. The Terra Rebels group recently unveiled its own Terra Classic wallet to mitigate dependence on Terra Station and the Terraform Labs. This development came a day after the group debunked rumors of abandoning the LUNC chain, noting that they plan to transition to a budgeted work model.
Additionally, the LUNC network is also scheduled to re-enable Inter Blockchain Communication channels soon, as a proposal to act on December 5, before the V23 upgrade, surfaced. Amid these reports, LUNC is changing hands at $0.0001874, up 2.18% in the past hour. Notably, the community estimates that the asset will end the year at $0.0002017, a 7.53% increase from its current value.