Following Binance’s most recent monthly burn, Terra Classic (LUNC) has increased by 15% in the last 24 hours, and its market cap has reclaimed the $1B range.
Ten days after falling below the zone, the Terra Classic (LUNC) market capitalization recovered and reclaimed the $1B range.
The asset’s 18% spike in the past week following Binance’s most recent monthly burn for November catalyzed the development.
According to data from CoinMarketCap, the market capitalization of LUNC soared past $1B today after its value soared by 15.5% yesterday.
As news of Binance’s promise to help the LUNC community with the burning campaign broke, the asset started the last month of the year on a promising note.
Terra Classic is Among the Top Cryptocurrency
According to 24-hour transaction volume statistics, Binance, the biggest exchange in the world, burned up to 6.3 billion LUNC tokens in November.
After the burn transaction, Binance’s overall burn rose to 20.1 billion LUNC, bringing the total burn from all organizations since the campaign’s beginning to a staggering 35.2 billion LUNC.
According to CMC, the 24-hour trade volume increased from $80M+ on November 30 to $126M+ on December 1, a 57.4% increase in less than 24 hours, as a result of these stories reawakening investor interest in the asset.
The volume increased today by 98%, reaching a value of more than $250M at the reporting time.
The favorable circumstances have set the stage for a new relief rally, which has seen the asset soar by 15.52% and expand its market value simultaneously.
The market capitalization of LUNC has reached $1.11 billion for the first time since November 14th.
The asset has risen above Huobi Token (HT), Pax Dollar (USDP), Tezos (XTZ), and Aave (AAVE) to claim the 39th spot among the top cryptocurrency assets by market size.
Additional Terra Classic Developments
While this happens, attitudes inside the LUNC camp have improved as recent major development activities have persisted.
To lessen reliance on Terra Station and the Terraform Labs, the Terra Rebels organization just revealed its own Terra Classic wallet.
This incident occurred the day after the group refuted rumors that they were leaving the LUNC chain and revealed their intention to switch to a budgeted work model.
A suggestion to act on December 5 before the V23 upgrade arose, and as a result, the LUNC network is also scheduled to re-enable Inter Blockchain Communication channels soon.
Amid these rumors, LUNC is trading at $0.0001874, up 2.18% over the previous hour.
Notably, the community predicts that the asset will reach $0.0002017 at the end of the year, a growth of 7.53% from its present value.