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Why Is Luna Classic (LUNC) Price Skyrocketing Today?

Long
BINANCE:LUNCUSDT   LUNC / TetherUS
Luna Classic (LUNC) price has skyrocketed by 60% in response to strategic investment and USTC perpetual contract launch by Binance.

The sudden upsurge witnessed in Terra Classic tokens in the last 48 hours is not the first time for the Terra ecosystem. The community-led Terra Luna Classic chain witnessed multiple revival efforts from introducing burning to inter-blockchain communication (IBC). LUNC price has skyrocketed by 60% in response to strategic investment and perpetual contract launch by Binance.

Terra Luna Classic (LUNC) Gains 60%
With multiple key proposals passed by the community and positive sentiment amid broader crypto market recovery, Luna Classic Labs purchased 25.6 million USTC worth about $500,000 as part of its treasury reserve policy at an average purchase price of $0.021 per USTC. Trader QT, a partner of Luna Classic Labs, stated this is an initial investment.

It resulted in a 100% jump in USTC price, with the community noting a breakout above resistance. USTC witnessed a further pump as investors also poured money into USTC. It triggered an upside move in the Terra Classic (LUNC), with traders noting a massive increase in liquidity and trading volumes.

Binance Futures launching the USD-M USTC Perpetual Contract with up to 50x leverage sparked further rally. USTC price climbed nearly 400% in two days. The announcement further raised community sentiment, while also speculating whether it was already known to some investors as the Terra ecosystem tokens witnessed sudden rallies.

LUNC price also jumped and made a 60% gain amid the events. The price is currently trading at $0.000119. The 24-hour low and high are $0.0000787 and $0.0001256, respectively. Furthermore, the trading volume has increased by 1120% in the last 24 hours, indicating interest among traders.

USTC price trades at $0.055, paring earlier gains to 191% in the past 24 hours. The 24-hour low and high are $0.015 and $0.068, respectively. The trading volume has also slid briefly after Binance’s USTC perpetual trading announcement.

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