- TerraClassicUSD (USTC) surged nearly 50% on Sunday, September 29.
- TerraLunaClassic (LUNC) also rallied over 20% on the same day.
- LUNC and USTC surged amid growing optimism over a recent token burn proposal.
TerraClassicUSD (USTC) jumped nearly 50% on Sunday, September 29, just before the implementation of the burn proposal. The price surge showed growing optimism among investors who believe the burn program will increase the prices of both ecosystem tokens, as TerraLunaClassic (LUNC) also rallied over 20% that same day.
Since then, both cryptocurrencies have seen price declines after the surge over the past weekend, but many analysts believe the pullback is temporary and is happening because of the overall crypto decline of the past few days.
Read also : LUNC Investor’s Bullish Bet: Buys Tokens at 3x Premium
TradingView’s data shows that USTC has dropped from a recent high of $0.0276 to $0.0219 at the time of writing, while LUNC has fallen to $0.0000842 since reaching a recent high of $0.0001092.
However, there is still a lot of bullish sentiment for both Terraform Labs’ ecosystem tokens as Binance starts the recently approved burn process. Reports say that the crypto exchange burned 1.14 billion LUNC tokens, which has increased investor confidence.
Binance Burn Triggers Bullish Reaction
Despite the current bearish pressure in the crypto market, the recent burn exercise has had a bullish effect on LUNC and USTC. Both crypto tokens surged above 10% of their values following the Binance burn program. However, the current bear pressure seems to be affecting LUNC, as the token’s price is declining at the time of writing.
Read also : Terra Classic Upgrade Proposal Ignites LUNC and LUNA Rallies
USTC is also experiencing bearish pressure, but analysts, especially Terra community members and their supporters, believe this will soon end and that there will be bullish movement for both tokens.
Meanwhile, Binance has adjusted the LUNC trading fees on its platform to improve the asset’s burn process. The crypto exchange confirmed its support in a recent official announcement on its LUNC support page when it executed the token burn on Wednesday, October 2. LUNC community members consider the Binance monthly burns to be good for the project, as they help to decrease the token’s total supply.
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