LUNC rallies 6% to become the highest-gaining token among the top crypto 100 assets.
Despite the underperformance of top cryptocurrencies, Terra Luna Classic (LUNC) has recorded a sensational rally.
Over the past 24 hours, LUNC recorded a 6% price increase. The cryptocurrency, which plunged to a 24-hour low of $0.00013767, rallied to a high of $0.00014672. Data from Coingecko shows that LUNC was trading around $0.00014615 at the time of writing this line.
At press time, LUNC ranks as the best-performing coin among the top 100 crypto assets. It bears mentioning that the various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, etc., have not recorded any significant uptick movement in their prices lately due to the Christmas holidays. Activities in the crypto market have been relatively slow.
Interestingly, LUNC has found a way around this issue, wreaking havoc on the prices of top crypto assets.
What’s Fueling LUNC Price?
It is noteworthy that LUNC’s recent price increase was fueled by some factors, especially the ongoing burn campaign, an initiative launched by the community to reduce LUNC supply.
For Terra Classic enthusiasts, burning a hefty portion of LUNC supply is the most suitable way to bolster the asset’s price. Since the burning campaign started, the community and other leading cryptocurrency projects like Binance have contributed tremendously toward reducing LUNC supply.
As reported today, the Burn and Build validator node operated by a pseudonymous crypto influencer Crypto King, burned 20 million LUNC tokens.
According to data from LUNC Penguins, 36.37 billion LUNC tokens have been burned from the supply. Projects contributing to LUNC burns include Binance, LUNC DAO, Allnodes, MEXC CEX, etc.
Furthermore, the proposal released by the new Terra Classic Layer 1 team may have played a role in LUNC’s recent rally. TheCryptoBasic reported today that the Terra Classic team, dubbed “Joint L1 Task Force”, released a proposal outlining its task for the next three months. The team noted that it would be contracted to perform essential upgrades within this period. The new team is led by the most famous Edward Kim and Zaradar.
As reported by The Crypto Basic TerraCVita has released its whitepaper indicating how they plan to help get LUNC to $40bn.
Binance Airdrop And Coinbase Rumour
The asset’s relief rally has also been supported by Binance’s recent completion of the second airdrop round of LUNA tokens to Terra Classic holders. While rumors are America’s largest exchange, Coinbase is looking to purchase over $200M worth of LUNC tokens.
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