The world’s largest crypto exchange Binance has successfully completed six years of operations. Binance CEO Changpeng “CZ” Zhao shared the key events and challenges of the crypto exchange in an official statement, also revealing that Binance has invested $3 million in Terra (now Terra Luna Classic) and has never moved or sold LUNC holdings. sold. Binance is currently supporting the Terra Luna Classic community with monthly LUNC burns and is committed to the revival roadmap.
“we saw our initial investment of $3 million in 2018 turn into $1.6 billion at Terra’s peak in 2021, and then to nearly $0 in 2022. To this day, the LUNA (now LUNC ) tokens we received are still at the address we originally received them at, never moved and never sold.
After the May 2022 Terra-LUNA crisis, the Binance team asked CEO “CZ” if they should sell the tokens, he said “no let’s just wait”.
Also Read: Community wants to increase LUNC gas fees by 2x and shorten non-delegation staking period
Terra Luna Classic Community Responds to Binance CEO Statement
The community responded positively to the fact that Binance still held LUNC tokens and is committed to the development and revival of the Terra Luna Classic chain. It has renewed sentiment among members to revive LUNC and USTC to $1, inspired by Binance CEO “CZ”.
Binance burned 2.65 billion LUNC tokens in the 11th batch of its burning mechanism. The crypto exchange has burned a total of 35.58 billion LUNC, while the community has burned 69 billion LUNC.
Joint L1 Task Force (L1TF) and Quant developer teams are working with Binance and other exchanges to bring USTC back to $1, with the Quant team working directly with Binance.
Be sure to read the Quant Teams Week 2 Update! It’s been a busy week for us, with the first iterations of the tooling built and some initial modeling completed, we’re in a strong position heading into Week 3!#LUNC #USTC $LUNC $USTC#DecentralizedMoney https://t.co/pFfmie5f5r
— RedlineDrifter (@RedlineDrifter) July 15, 2023
The community and developer groups are particularly focused on reducing the circulating supply of LUNC and USTC in the third quarter. L1TF has revealed its action plan for Q3, with expert developers Edward Kim and Superman returning to the chain.
Also Read: Terra Classic Community Pool Balance Soars, Quant-Binance USTC Talks, Coinbase’s LUNC List
LUNC price looks to surpass $0.000090
The price of LUNC is down more than 1% in the last 24 hours and the price is currently trading at USD 0.000086. It offsets previous gains and failed to surpass the $0.000090 level, but the community is planning a short squeeze.
The 24-hour low and high are $0.0000836 and $0.0000891, respectively. Meanwhile, trading volume remains low, indicating a lack of interest among traders.
Varinder has 10 years of experience in the Fintech sector, with more than 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles and newspapers. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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This post Binance CEO Reveals LUNC Holdings Renewed Terra Luna Classic Sentiment To $1
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