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The world’s largest crypto exchange Binance has efficiently accomplished six years of operations. Binance CEO Changpeng “CZ” Zhao shared the crypto trade’s key occasions and challenges in an official statement, wherein he additionally disclosed that Binance invested $3 million in Terra (now Terra Luna Classic) and by no means moved or offered LUNC holdings. Binance presently helps the Terra Luna Classic group with month-to-month LUNC burns and committing to the revival roadmap.
“we saw our initial $3M investment back in 2018 turn into $1.6bn at Terra’s 2021 peak, and then down to close to $0 in 2022. Until today, the LUNA (now LUNC) tokens we received still sit on the address we originally received them on, never moved and never sold.”
After the May 2022 Terra-LUNA disaster, the Binance crew requested CEO “CZ” whether or not to promote the tokens, he mentioned “no, let’s just hold.”
Also Read: Community Looks To Raise LUNC Gas Fees by 2x and Reduce Staking Undelegation Period
Terra Luna Classic Community Reacts to Binance CEO Statement
The group reacted positively to Binance nonetheless holding LUNC tokens, committing to the event and revival of the Terra Luna Classic chain. It has renewed the sentiment amongst members to revive LUNC and USTC to $1, taking inspiration from Binance CEO “CZ.”
Binance burned 2.65 billion LUNC tokens within the eleventh batch of its burn mechanism. The crypto trade has burned 35.58 billion LUNC in complete, whereas the group has burned 69 billion LUNC.
Joint L1 Task Force (L1TF) and Quant developer groups are working with Binance and different exchanges to repeg USTC to $1, with the Quant crew in direct dialogue with Binance.
Make certain to learn the Quant Teams Week 2 Update! Its been a busy week for us, with preliminary iterations of the tooling constructed and a few preliminary modelling accomplished, we’re in a robust place main into week 3!#LUNC #USTC $LUNC $USTC#DecentralisedMoney https://t.co/pFfmie5f5r
— RedlineDrifter (@RedlineDrifter) July 15, 2023
The group and developer teams to focus significantly on lowering LUNC and USTC circulating provide in Q3. L1TF has revealed its plan of motion for Q3, with knowledgeable builders Edward Kim and Superman returning again to the chain.
Also Read: Terra Classic Community Pool Balance Rises, Quant-Binance USTC Talks, Coinbase’s LUNC Listing
LUNC Price Looks To Surpass $0.000090
LUNC worth fell over 1% prior to now 24 hours, with the worth presently buying and selling at $0.000086. It pares earlier positive aspects and did not surpass the $0.000090 degree, however the group planning for a brief squeeze.
The 24-hour high and low are $0.0000836 and $0.0000891, respectively. Meanwhile, buying and selling quantity stays low, indicating a scarcity of curiosity amongst merchants.
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The introduced content material might embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.
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