LUNC token has been one of the best performing cryptocurrencies in the market and Binance could be one of the major factors behind the rally. This is attributed to a major announcement made by the world’s largest cryptocurrency exchange regarding the altcoin.
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Binance Launches New LUNC Pairs and Burns Tokens
Binance was one of the only exchanges that continued to support LUNC after the Terra debacle, initially pairing it with its native BUSD stablecoin. Then, after announcing that the BUSD stablecoin would be discontinued, the exchange added a LUNC/USDT pair for easier trading.
Even after all of this, cryptocurrency exchanges continue to show support for the token. The latest of these moves involves the introduction of new trading pairs. Binance announced that it will list the LUNC/TRY pair, as well as a number of other new trading pairs for different altcoins. This new pair went live on Tuesday, December 5, and the token’s price surged significantly ahead of the listing.
Not only has Binance announced new trading pairs for the cryptocurrency, but it has also continued its scheduled token burns. The most recent burn saw the cryptocurrency exchange burn another 3.9 billion tokens on December 1.
This burn takes the LUNC tokens that the exchange generates from trading fees and uses them to destroy them in a single transaction. At first, the exchange performed burns weekly, then switched to monthly. Nonetheless, the consistent reduction in token supply has increased investor confidence in the asset.
Revitalizing the Terra Ecosystem Token
The impact of Binance is not limited to LUNC prices, as another Terra ecosystem token, USTC, has also benefited from the recovery. As LUNC’s price has risen by more than 250% in the past 30 days alone, USTC’s price has risen by more than 360% in the same time frame.
The rise of USTC can also be directly attributed to Binance, which has also listed USTC on the exchange, as well as the LUNC perpetual contract. As a result, the trading volume of both digital assets has been rising, further driving the price increase.
The Terra community also passed an important proposal aimed at regaining USTC’s peg to the U.S. dollar. While this is still some time away, achieving this goal will undoubtedly propel USTC back into the spotlight, taking LUNC with it.
