The warning labels had been attached to Terra assets, notifying investors of the case against Do Kwon and his arrest warrant.
Terra Classic (LUNC) and TerraClassicUSD (USTC) have staged respective rallies following Binance’s decision to finally remove the warning labels attached to them on the platform. Binance had attached the warning labels in the wake of the Terra collapse and Do Kwon’s troubles with South Korean authorities.
Classy Crypto, a well-known influencer within the LUNC camp, called attention to the promising development today, highlighting both assets’ price movements. “ALERT $LUNC & $USTC are RUNNING after warning labels from Binance were removed from its platform,” Classy disclosed.
ALERT ? $LUNC & $USTC are RUNNING after warning labels from #Binance were removed from its platform. pic.twitter.com/HvyIZ8qazJ
— Classy ? (@ClassyCrypto_) January 31, 2023
A quick look at Binance confirms that the warning labels had been removed, but the warning on LUNA remains. Data from CMC also corroborates these claims, as USTC is confirmed to have gained by 16.39% in the past 24 hours, currently changing hands at $0.02526 as of press time. The asset had surged by 14% within two hours to a 2-week of $0.2720 before facing slight resistance.
Despite the resistance, USTC has retained a 5% gain in the past hour. Moreover, with a current value of $245M, its market capitalization has seen a significant surge in the past 24 hours, lifting it to the 132nd position on the list of largest mainstream assets by market cap.
Meanwhile, LUNC has also staged its own modest rally, surging by 5% in the space of two hours to a high of $0.0001751 before hitting a roadblock. The asset still holds above the $0.00017 level, currently trading at $0.0001729 at the time of reporting, with a 2.35% surge in the past 24 hours.
The Binance Warning Labels
These price rallies became apparent at noon today, as Classy revealed that the warning labels placed on the assets by Binance had been removed. Following the arrest warrant issued against Do Kwon by South Korean prosecutors, Binance added the warning label on Terra assets, notifying investors of the development and advising them to trade with caution.
Though the labels might not deter those familiar with the developments surrounding the case, they still placed a sort of stigma on the assets, and could make new investors become wary. Classy had appealed to Binance to remove the labels earlier this year
$LUNC would HEAVILY benefit if #Binance removed its label warning on $LUNA.
When I went to my last in-person speaking event, many still compared us to #LUNA & believed in the false Do Kwon imprisonment narrative.
It's time for both moons to work together for the best!
— Classy ? (@ClassyCrypto_) January 4, 2023
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
