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With a rise of more than 22% in the past day, LUNC, the ecosystem token of the original Terra Chain rebranded as Terra Classic, is increasing its weekly gains.
Terra Classic tokens, USTC (previously the UST stablecoin), and LUNC started strong this week. USTC surged by as much as 300% at the beginning of the week following Binance's announcement of the launch of USTC perpetual contracts.
As interest in the Terra Classic ecosystem increased, LUNC increased by 88.38% over the previous seven days. Since Nov. 22, LUNC has been steadily increasing, and this trend is still going strong presently.
During this time, LUNC experienced days with strong price spikes; on Dec. 1, for instance, LUNC reached highs of $0.000146.
At the time of writing, LUNC was up 22% in the last 24 hours to $0.0001405. The sudden spike in value over the past day coincides with Binance burning about 4 billion LUNC tokens in its 16th batch of LUNC burns.
On Dec. 1, Binance burned 3,903,522,969.89 LUNC tokens, representing trading fees on LUNC spot and margin trading pairs from Oct. 31 until Nov. 29. This amounted to a USDT equivalent of 362,617.17.
Binance's support for LUNC burning dates back to September 2022, after the Terra collapse, when it decided to burn all trading fees received from LUNC spot and margin trading pairs. After the LUNC community voted to change the LUNC burn mechanism, Binance announced changes to the burning of Terra Classic (LUNC) trading fees.
Binance began burning 50% of the LUNC spot and margin trading fees in December 2022 as opposed to 100%, which it still does at present.