The Terra Luna Classic (LUNC) community is buzzing with speculation about increased support from Binance, the world’s leading crypto exchange. This comes after a social media post by a Binance community associate hinted at the exchange’s involvement in reviving the price of USTC, the algorithmic stablecoin that lost its peg to the US dollar earlier this year.
The post, shared by a prominent LUNC community member, suggests Binance may be aiding the USTC revival plan alongside its ongoing monthly LUNC burn initiative. This burn mechanism has already seen Binance contribute significantly, burning over 62 billion LUNC tokens, nearly half of the total community burn.
The USTC revival plan remains unclear, with the community hoping for action from Terraform Labs, the blockchain behind the Terra ecosystem. Ideally, USTC needs to burn wallets held by Terraform Labs and Luna Foundation Guard to regain its peg.
It’s worth noting that Binance itself holds Terra Luna Classic tokens. Former CEO Changpeng Zhao previously revealed a $3 million investment in Terra (now Terra Luna Classic), with the exchange holding onto these LUNC tokens.
Positive sentiment seems to be buoying LUNC’s price, with a slight increase observed over the past day. However, the price failed to break a key resistance level, and trading volume remains low. Similarly, USTC saw a modest price gain but also experienced a significant decline in trading activity.
While the long-term trajectory of LUNC and USTC remains uncertain, the potential involvement of Binance adds a layer of optimism for the Terra Luna Classic community. Increased support from a major exchange could provide much-needed momentum for the revival efforts.