Binance CEO’s disclosure of LUNC holdings has renewed community sentiment for Terra Luna Classic (LUNC) and USTC, aiming to raise their value to $1.
Binance, the world’s largest crypto exchange, celebrated its six-year anniversary. CEO Changpeng “CZ” Zhao shared key events and challenges in a statement, revealing that Binance invested $3 million in Terra (now Terra Luna Classic) and has not sold or moved its LUNC holdings. Binance continues to support the Terra Luna Classic community through monthly LUNC burns and the revival roadmap.
Binance’s initial $3 million investment in Terra (now Terra Luna Classic) in 2018 saw significant growth, reaching a peak value of $1.6 billion in 2021. However, the value dropped to nearly zero in 2022. Despite this, Binance has retained the LUNA (now LUNC) tokens received from the investment, which remain untouched and unsold on the original address.
Terra Luna Classic Community Reacts
Binance CEO Changpeng Zhao’s statement that the company still holds LUNC tokens and is committed to the development of the Terra Luna Classic chain has been met with positive reactions from the community. Many members are now inspired to revive LUNC and USTC to $1, the price they were before the crash.
Binance Completes 11th Token Burn, Destroying 2.65 Billion LUNC Tokens. In total, 35.58 Billion LUNC Burned by Binance, with an Additional 69 Billion LUNC Burned by the Community.
L1 Task Force (L1TF) and Quant developers are collaborating with Binance and other exchanges to stabilize USTC and bring it back to a $1 peg. The Quant team is directly engaging in discussions with Binance to address this goal.
The $USTC Team Weekly Update #2 is up on Commonwealth! https://t.co/R8qYolgeJM
We've also released an early alpha version of a backtesting report on the divergence protocol that the community can take a look at here: https://t.co/U10G2c9WMc#LUNC #LUNCcommunity #LuncArmy
— Bilbo Baggins (@OhhBilboBaggins) July 15, 2023
In Q3, the community and developer groups are prioritizing efforts to decrease the circulating supply of LUNC and USTC. The L1 Task Force (L1TF) has outlined its plan, and experienced developers Edward Kim and Superman are rejoining the project to contribute their expertise to the chain’s development.
LUNC Price Aims for $0.000090
LUNC price dropped by 1% in the last 24 hours and is now at $0.000086, missing the $0.000090 target. However, the community is strategizing for a potential short squeeze.
LUNC’s price fluctuated between $0.0000836 and $0.0000891 in the past 24 hours. However, the trading volume remains low, suggesting limited interest from traders.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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