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HomeCrypto NewsMarketTerra Classic Up 15%, USTC Surges 50% as Binance Confirms Maintaining its LUNC Holding

Terra Classic Up 15%, USTC Surges 50% as Binance Confirms Maintaining its LUNC Holding


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Terra Classic (LUNC) and TerraClassicUSD (USTC) join the crypto market’s top-performers list as top exchange Binance confirms it still holds a heavy bag of Terra Classic tokens.

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In an unprecedented outcome, popular Terra Classic ecosystem tokens LUNC and USTC stunned the crypto market as both rallied significantly, posting double-digit gains in the last 24 hours and seven days. 

Despite not gaining parity with $1, TerraClassicUSD (USTC), formerly TerraUSD (USD), has moved to the $0.01798 mark in its latest prolonged surge at the time of writing. This further indicates a 52.36% increase in USTC’s price in the last seven days and over 12% appreciation in the past 24 hours. 

Amid this rise in value which began on June 14, over 8.17 billion USTC worth over $146 million have been traded in the last 24 hours. Accordingly, USTC’s market cap has surpassed the $173 million threshold, with several market participants hopeful for a re-peg. 

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LUNC Surges Amid Binance Confirmation of Token Holdings

LUNC, on the other hand, has recently deleted a zero from its value to reclaim the $0.00009473 price territory. The crypto asset’s price at the time of writing represents a 16.25% increase over the past seven days while marking a mild appreciation of over 3% over the 24 hours.

In the wake of this uptick, $97.6 million worth of LUNC has been traded across several exchanges in the last 24 hours. Its market cap hovers around $550 million at press time. 

CoinMarketCap data further shows that the latest rally in LUNC’s price began on July 14, the same day Binance celebrated its sixth anniversary. As part of the celebration, the world’s biggest crypto exchange posted a blog post detailing its humble beginnings and the many recorded achievements. 

In particular, Binance reconfirmed that it still holds the same amount of Terra Classic received since 2018. As previously revealed by The Crypto Basic, the top exchange boasts roughly 15.4 million LUNC received from an early $3 million investment in the project. 

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Despite Binance’s LUNC holdings rising to $1.6 billion in value in April 2022, the asset refused to sell off. “Until today, the LUNA (now LUNC) tokens we received still sit on the address we originally received them on, never moved and never sold,” part of the update read.

Binance Continues to Support Terra Classic

Despite the historic USTC de-peg in May, Binance continues to support the project’s revitalization plans, including the LUNC burn expedition, network upgrades, and the recently passed USTC re-peg proposal. To this end, the CZ-founded trading platform has been burning billions of LUNC per month, with its July LUNC burns amounting to 2.6B tokens. 

The top exchange is also in talks with the Terra Classic developer group as the Quant Team aims to re-peg USTC using the divergent fee protocol and other effective mechanisms per an earlier report by The Crypto Basic. 

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Disclaimer: 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’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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