Luna Classic (LUNC) has seen an impressive 60% surge in its price, attributed to a strategic investment and the launch of a USTC perpetual contract by Binance.
The recent surge in Terra Classic (LUNC) tokens over the past 48 hours is a familiar trend within the Terra ecosystem. The community-driven Terra Luna Classic chain has experienced multiple revival initiatives, ranging from the introduction of token burning to enhancing inter-blockchain communication (IBC). The significant 60% spike in LUNC price is attributed to a strategic investment and the launch of a perpetual contract by Binance.
Luna Classic (LUNC) Soars on Investment and Binance Launch
Amidst multiple community-approved proposals and positive sentiment in the broader crypto market recovery, Luna Classic Labs made a significant move by purchasing 25.6 million USTC, valued at approximately $500,000, as part of its treasury reserve policy. This initial investment, conducted at an average purchase price of $0.021 per USTC, resulted in a remarkable 100% surge in USTC price, breaking above resistance levels.
The surge in USTC triggered an upward momentum in the Terra Classic (LUNC) token, with traders noting substantial increases in liquidity and trading volumes. The positive momentum received an additional boost when Binance Futures announced the launch of the USD-M USTC Perpetual Contract with up to 50x leverage. This announcement fueled a further rally, leading to a nearly 400% increase in USTC price within two days.
The community’s sentiment was uplifted by these developments, although some speculation arose about whether certain investors were already aware of the Terra ecosystem tokens‘ sudden rallies. In the midst of these events, the LUNC price also experienced a significant 60% gain, currently trading at $0.00011.
In the past 24 hours, LUNC’s trading volume has surged by 1120%, indicating heightened interest among traders. Meanwhile, USTC is trading at $0.055, showcasing a 191% gain in the past 24 hours, with a trading volume fluctuation following Binance’s USTC perpetual trading announcement.
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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