Binance CEO Disclosing LUNC Holdings Renewed Terra Luna Classic Sentiment To $1

The world’s largest crypto exchange Binance has successfully completed six years of operations. Binance CEO Changpeng “CZ” Zhao shared the crypto exchange’s key events and challenges in an official statement, in which he also disclosed that Binance invested $3 million in Terra (now Terra Luna Classic) and never moved or sold LUNC holdings. Binance currently supports the Terra Luna Classic community with monthly LUNC burns and committing to the revival roadmap.

“we saw our initial $3M investment back in 2018 turn into $1.6bn at Terra’s 2021 peak, and then down to close to $0 in 2022. Until today, the LUNA (now LUNC) tokens we received still sit on the address we originally received them on, never moved and never sold.”

After the May 2022 Terra-LUNA crisis, the Binance team asked CEO “CZ” whether to sell the tokens, he said “no, let’s just hold.”

Also Read: Community Looks To Raise LUNC Gas Fees by 2x and Reduce Staking Undelegation Period

Terra Luna Classic Community Reacts to Binance CEO Statement

The community reacted positively to Binance still holding LUNC tokens, committing to the development and revival of the Terra Luna Classic chain. It has renewed the sentiment among members to revive LUNC and USTC to $1, taking inspiration from Binance CEO “CZ.”

Binance burned 2.65 billion LUNC tokens in the 11th batch of its burn mechanism. The crypto exchange has burned 35.58 billion LUNC in total, while the community has burned 69 billion LUNC.

Joint L1 Task Force (L1TF) and Quant developer teams are working with Binance and other exchanges to repeg USTC to $1, with the Quant team in direct discussion with Binance.

Make sure to read the Quant Teams Week 2 Update! Its been a busy week for us, with initial iterations of the tooling built and some initial modelling completed, we are in a strong position leading into week 3!#LUNC #USTC $LUNC $USTC#DecentralisedMoney https://t.co/pFfmie5f5r

— RedlineDrifter (@RedlineDrifter) July 15, 2023

The community and developer groups to focus particularly on reducing LUNC and USTC circulating supply in Q3. L1TF has revealed its plan of action for Q3, with expert developers Edward Kim and Superman returning back to the chain.

Also Read: Terra Classic Community Pool Balance Rises, Quant-Binance USTC Talks, Coinbase’s LUNC Listing

LUNC Price Looks To Surpass $0.000090

LUNC price fell over 1% in the past 24 hours, with the price currently trading at $0.000086. It pares earlier gains and failed to surpass the $0.000090 level, but the community planning for a short squeeze.

The 24-hour low and high are $0.0000836 and $0.0000891, respectively. Meanwhile, trading volume remains low, indicating a lack of interest among traders.

Read More:

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.