With barely entering the new year, the Terra Classic’s (LUNC) price reversed its downward trend and attracted some moderate buys near the level of $0.0001530. As a result of a breakout above the three-month descending channel, the price of LUNC experienced a significant increase over the past week. This is mostly attributable to the recent developments, initiatives, and increase in the LUNC burn rate by the Terra Classic community, as the price surge still appears to be continuing.
Can Binance Push LUNC’s Price?
Although, these developments have been the primary driving force behind the recent price movements; prominent LUNC validator and community evangelist, LUNC DAO, has pointed out a potential way through which the altcoin could see a major price boost.
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The top Terra Classic validator predicted that the LUNC token was destined to appreciate in value if the leading Binance crypto exchange removed its words of caution from the two major Terra cryptocurrencies viz. USTC and LUNA.
If we get this done (warnings removed from $USTC and $LUNA) then $LUNC will pump. All 3 correlate. This is the lowest hanging fruit that grants us an instant 2X. Be loud and let’s get it done https://t.co/m3UMChOQ82
— 🔥⚛️ 𝐁𝐑𝐔𝐂𝐄 𝐃𝐀𝐎 ⚛️🔥 (@LUNCDAO) January 7, 2023
The Terra (LUNA) Fiasco
Binance initially issued the warning statement back in early 2021 when Terra (LUNA) first experienced its UST depeg which sent the price of the LUNA token on a death spiral. The latest words of caution come after the South Korean court issued an arrest warrant against Terra’s cofounder Daniel Shin. In addition, Korean authorities have also slapped criminal charges on Terra’s key developer and founder, Do Kwon.
Furthermore, the centralized exchange also temporarily suspended withdrawals on the Terra network on May 10th, leading to many other exchanges following suit. And, Binance being one of the top exchanges to drive LUNA’s trade volume at the moment — the removal of the warning signs may lead to more investor interest and subsequent purchases — as per the Terra community.
As things stand, the LUNC price is currently being traded at $0.00015317. This represents an increase of 0.54% on the day, in contrast to a massive gain of nearly 6% during the week as per the crypto market tracker CoinMarketCap.
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