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LUNC, the original Terra Chain ecosystem token rebranded as Terra Classic has had an almost 65% price increase in the last 24 hours.
LUNC had already given up some of its intraday gains and was only up 26.54% in the last 24 hours to $0.0002388 at the time of writing. The token has also increased by 110% in the last seven days.
The announcement of a new listing by top crypto exchange Binance appears to be the catalyst for this increase.
In an official announcement, Binance stated that it will open trading for the LUNC/TRY spot trading pair on Dec. 5 at 8:00 a.m. (UTC).
The price of LUNC increased in response to the announcement, rising from $0.00019 to $0.000279 in a short amount of time.
LUNC's market cap has also climbed significantly to reach a current $1.4 billion and is now the 43rd largest cryptocurrency by market cap. LUNC's 24-hour trading volume has also increased by 152% to $1.23 billion, demonstrating a strong level of interest and activity among traders.
Terra Classic (LUNC) has been on a massive rise since the beginning of December, a surge that coincides with the appearance of a golden cross on its daily price charts.
Since Dec. 3, LUNC has marked two consecutive days of strong price increases. The token is also set to mark its fourth day of gains since Dec. 1, after Binance announced the burning of nearly four billion LUNC tokens.
Binance burned 3,903,522,969.89 LUNC tokens on Dec. 1, representing trading fees on LUNC spot and margin trading pairs from Oct. 31 to Nov. 29. This came to a total of 362,617.17 USDT.
The positive sentiment also spread to other tokens in the Terra and Terra Classic ecosystems. Terra (LUNA) and Terra Classic USD (USTC) have both seen large price increases in the previous 24 hours.
Terra Classic USD, formerly UST, increased by more than 300% in the last week, when Binance launched a new USTC perpetual contract listing.