It’s a massive day for Terra Classic investors as the ecosystem tokens Terra Luna Classic (LUNC), UST Classic (USTC), and LUNA have all surged in the last 24 hours.
Terra tokens took the top three positions in Binance’s “Top Gainer” rankings at the time of writing, with LUNC taking the top spot. According to Binance trading platform data, LUNC is up 63.49% in the last 24 hours, LUNA is up 32.69%, and USTC is third with a 30.15% increase.
Reason Behind the Latest Terra Token Pump
The Terra cryptocurrency is currently ranked as the Top Gainer on Binance, despite yesterday’s drop in other altcoins.
It is not surprising to see these three Terra tokens on the top gainer list of the world’s largest exchange. Binance said yesterday that it would burn LUNC fees on spot and margin trading pairs as part of an effort to reduce the token’s circulating supply, which will ultimately boost the asset’s price, as reported by fxcryptonews. While the announcement was for Luna Classic, other Terra tokens also experienced a meteoric rise.
It is worth noting that since the Terra ecosystem’s collapse, the Terra community has not received much good news. Several negative reports have followed the Terra project in recent weeks, causing token prices to plummet.
All Terra tokens fell by more than 30% two weeks ago after South Korean authorities issued an arrest warrant for Do Kwon, the founder of TerraForm Labs, the company responsible for the development of LUNC, USTC, and LUNA.
A good sign arrived when Binance announced that it would burn LUNC fees on spot and margin trading pairs, allowing the token to rally once again.