Binance has announced its support for the Terra (LUNA) network upgrade, scheduled to occur on July 18.
The price of LUNA surged by 16% within 24 hours, reaching a high of $0.7274.
Binance, the world’s largest crypto exchange, has announced its support for the Terra (LUNA) network upgrade. The Terra community has successfully passed the on-chain proposal for the Phoenix software upgrade v2.4, with a majority of votes in favor of the upgrade. As a result, the price of LUNA has witnessed a significant surge of over 16% to reach a high of $0.7274 within the past 24 hours.
According to the official announcement by Binance on July 17, the Terra (LUNA) Phoenix v2.4 software upgrade is scheduled to take place on July 18 at 13:00 UTC, coinciding with block height 5,994,365. To facilitate the upgrade process, Binance will temporarily suspend LUNA deposits and withdrawals one hour prior to the scheduled upgrade. However, users will still be able to trade LUNA normally during the network upgrade.
Binance Support Drives Surge in LUNC and USTC
The network upgrade holds great significance for the Terra ecosystem. Also, Binance’s support for the upgrade is expected to provide a further boost to Terra’s growth and adoption within the crypto community.
In addition to the LUNA price surge, other tokens within the Terra ecosystem have also experienced notable gains. Both Terra Classic (LUNC) and TerraClassicUSD (USTC) have witnessed a breakout from a descending channel pattern. That results in a staggering increase of 20% and 50% respectively over the past week.
Terra Classic (LUNC) Price Chart (Source: CoinMarketCap)
At the time of writing, LUNC traded at $0.00009622, experiencing a rally of 16% over the week. With a substantial 24-hour trading volume of $98 million. On the other hand, USTC traded at $0.01774, displaying an impressive climb of 52% within a week. As well as a 10% increase in a single day. Further, USTC holds a 24-hour trading volume of $145 million, sored about 59%, as per CoinMarketCap.
However, the news of Binance’s backing for the Terra (LUNA) network upgrade and the subsequent price surge highlights the growing confidence and interest in the Terra ecosystem and its native cryptocurrency. The upgrade is expected to bring about positive developments and advancements, fostering the continued growth of the Terra network in the crypto landscape.