There is a chance that USTC could repeg to $1, which will automatically influence the LUNC price to surge higher.🎯🎯💣

LUNC Price Extended Gains Ahead of Binance More Burn 🔥🔥🔥

LUNC price is showing signs promising signs of potential additional gains ahead of the upcoming Binance burn event. Recent analysis suggests that the asset could see a significant rise, especially since it just broke out of a bullish reversal pattern. On September 27, the Terra Luna Classic community passed a vote on a USTC burn proposal, further provoking more bullish bias from investors. Is LUNC on the path to recovering its previous lost glory?

Scheduled Binance Burn Is LUNC Price Catalyst

According to the Binance official LUNC support page, the crypto exchange has changed the Burning of Terra Luna Classic (LUNC) trading fees. The changes aim to enhance burns “to contribute to the supply decrease of LUNC.” The monthly LUNC burns are scheduled to be completed by Wednesday, October 2, 2024, at the latest.

Binance LUNC burns have always been bullish catalysts for the LUNC price. Since May 13, 2022, the crypto exchange has burnt 64.47 billion LUNC and 4.38 million USTC.

Meanwhile, the community has been working on more ways to eliminate the humongous supply and repeg USTC to $1. The most recently passed proposal of burning USTC tokens from wallets linked to the Mirror Protocol that have been inactive since the May 2022 crash.

Additionally, a correlation has emerged between the FTX token (FTT) and LUNC price action today, as there are rumors of FTX distributing $1.6 billion to creditors today. However, this is unconfirmed and pending court approval on October 7.

there is a chance that USTC could repeg to $1, which will automatically influence the LUNC price to surge higher.

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