Terra's Luna Classic (LUNC) price is a far cry from the $100 it was in April. However, recent trading activity has driven LUNC into the top ten cryptocurrencies by trading volume, boosting its market cap to more than $2.1 billion, according to CoinGecko . That places it near Bitcoin Cash, which has been teetering on the edge of the top 30 coins for the last seven days.
The token of the now-infamous Terra blockchain, which imploded in May and prompted lawmakers to consider a ban on similar algorithmic stablecoins.
Binance, the world's largest cryptocurrency exchange, stated that “Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address,”
According to CoinGecko, LUNC was up more than 55% within a day of the announcement, rising from $0.00018 to $0.00031.
Since then, the price has remained above $0.00026, with another significant increase arriving with the new month. Although Binance is expected to release the results of its burn on Monday, traders are already optimistic. Crypto Twitter has been counting down the number of tokens burned , with prices ranging from 10 billion to more than 25 billion.
Binance accounts for nearly 55% of LUNC trading volume, according to CoinGecko. The price movement has prompted Twitter users to ask Coinbase, Robinhood, Gemini, and FTX to list LUNC on their exchanges.
Those who lost millions of dollars in the Terra Luna failure are likely to be a bit comforted by the gains. While Terraform Labs co-founder Do Kwon insists he is not on the run, Interpol has issued a "red notice" for his capture. On Wednesday, South Korean authorities attempted to seize $62 million in Bitcoin linked to Do Kwon and the Terra project.
