Terra Classic (LUNC) has increased more than 70% during the past week.
LUNC is currently trading around $0.0003183, decreased by nearly 10.18% in 24 hours.
The Terra Classic (LUNC) witnessed a significant price surge in the past few days, following the recent announcement from the Binance exchange, regarding the Terra Classic burn mechanism. In the last week, the price of LUNC has increased by more than 70%. It also registered a price surge of 44% in the past month.
Terra Classic (LUNC) one month price chart (Source: CMC)
LUNC’s Rapid Surge
According to CMC, the token plunged to $0.0001825 in its value, during the past 30 days. However, in the same month, LUNC attained an impressive price rush, registering $0.0005888. Following LUNC’s positive price actions, the token raised into the top 10 cryptocurrencies by trading volume. Currently, Terra Classic is pumping up its market cap to nearly $2 billion.
The leading cryptocurrency exchange, Binance recently announced its plans to reduce the token’s supply. Binance implemented Terra’s 1.2% burn tax on September 26. Within an hour of the announcement from the exchange, the price of LUNC increased by more than 45%.
Binance stated:
Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address.
Moreover, the Terra Classic (LUNC) is currently trading around $0.0003183 with a one-day trading volume of $960,852,634. However, LUNC has decreased by nearly 10.18% in the last 24 hours. The token has a circulating supply of 6,151,072,613,161 LUNC, as per CMC.