Binance’s Strategic Moves Propel LUNC Token to New Heights
Binance’s recent actions, including introducing a new LUNC/TRY trading pair and conducting significant token burns, are major factors behind the LUNC token’s impressive performance in the cryptocurrency market.
New Trading Pairs and Token Burns Drive Rally in Cryptocurrency
LUNC token’s recent surge in the cryptocurrency market is significantly attributed to Binance’s strategic initiatives. The world’s largest crypto exchange has played a pivotal role in driving the rallies for LUNC, starting with its continuous support post the Terra collapse.
Binance initially paired LUNC with its native BUSD stablecoin and later transitioned to a LUNC/USDT pair following the discontinuation of BUSD.
The crypto exchange’s commitment to LUNC didn’t stop there. In a bid to further support the token, Binance recently announced the listing of a new trading pair, LUNC/TRY. This addition is part of a series of new trading pairs for various altcoins introduced by the exchange.
This new pair, which became available on Tuesday, December 5, has been a key factor in the token’s significant price rally leading up to the listing.
This support from Binance, including the continued backing of LUNC through these new trading options and regular token burns, has cemented the token’s position as one of the top performers in the current crypto market scenario.
Strategic Reduction in Supply Boosts Investor Confidence
In addition to introducing the new LUNC/TRY trading pair, Binance has maintained its commitment to LUNC through regular token burns. The latest of these burns, executed on December 1, saw the crypto exchange eliminating 3.9 billion tokens. This process involves using the LUNC tokens accumulated from trading fees and burning them in a single transaction.
Initially, Binance conducted these burns on a weekly basis, but later shifted to a monthly schedule. Despite the change in frequency, the consistent reduction in the token’s supply has been instrumental in bolstering investor confidence in the asset.
This strategy of scheduled burns has played a significant role in enhancing the perceived value and stability of LUNC in the cryptocurrency market.
Binance’s Role in Revitalizing Terra Ecosystem Tokens
Binance’s influence extends beyond just the LUNC token, significantly impacting the broader Terra ecosystem, particularly USTC. The recent surge in LUNC’s price, which has increased over 250% in the last 30 days, has been paralleled by a notable 360% rise in USTC’s value during the same period.
This uptick in USTC’s price is largely credited to Binance’s decision to list USTC, alongside LUNC, for perpetual contracts on their exchange. This move has led to a marked increase in the trading volume of both digital assets, contributing further to their price escalation.
Moreover, the Terra community has been actively passing proposals to restore USTC’s peg to the US dollar. While this goal is still in progress, achieving it would significantly boost USTC’s profile in the cryptocurrency market, potentially bringing LUNC along in its ascent.
This joint recovery effort underscores the interconnected nature of tokens within the Terra ecosystem and the influential role of major exchanges like Binance in shaping their trajectories.
LUNC has rallied 85.59% in the past seven days and Is now trading at $0.0002264.
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