There is a movement in the Terra Classic community, which was born from the ashes of the collapsed Terra ecosystem. According to a well-known Terra Classic (LUNC) validator, the altcoin price could skyrocket if Binance makes this significant change.
Can Binance boost the altcoin price?
We left behind a year full of collapses in the crypto money market. Undoubtedly, one of the events that marked 2022 was the dramatic collapse of the Terra ecosystem. However, Terra Classic (LUNC), which emerged from the ashes of the ecosystem with the new year, reversed the downtrend. In this move, the altcoin saw some moderate buying near the $0.0001530 level. As a result of a break above the three-month descending channel, LUNC experienced a significant gain over the past week. The price increase seems to continue. Therefore, it is possible to attribute this mostly to the recent developments, initiatives on the part of the Terra Classic community and the increase in the LUNC burn rate.
Although these developments have been the main driving force of recent price movements; Leading LUNC validator and community advocate LUNC DAO points to a potential path in which the altcoin could see a massive price increase. The largest Terra Classic validator addressed Binance CEO Changpeng Zhao (CZ) on Twitter:
CZ, when are you going to remove the LUNA warning label? The LUNA Community is working hard to rebuild + Do Kwon was not intentionally included in the Genesis airdrop. Blockchain belongs to the community. Conviction really prevents us from compensating by rebuilding. When the biggest player in the industry puts a big warning label on our new Blockchain, the devastated community has a hard time rebuilding ourselves. We appreciate the care shown by investors. But Blockchain belongs to the community, not Do Kwon. Plus, now SBF/Alameda proven attackers.
LUNC DAO then called out to the community and called for action, quoting this post:
LUNC community, if we do this the warnings in USTC and LUNA will be removed. Then the LUNC is pumped. All 3 are related. This is the lowest hanging fruit that gives us 2X instantly. Be loud and let’s finish.
Terra (LUNA) debacle
cryptocoin.com As you follow, Binance first issued a warning notice in early 2021 when it first experienced the UST depeg, which sent the price of the Terra (LUNA) token into a death spiral. The latest warnings come after a South Korean court issued an arrest warrant for Terra co-founder Daniel Shin. In addition to this, Korean authorities also filed criminal charges against Terra’s key developer and founder, Do Kwon.
In addition, Binance temporarily suspended withdrawals on the Terra network on May 10. This led many other exchanges to follow suit. According to the Terra community, Binance is currently one of the top exchanges to increase LUNA’s trading volume. However, removing the warning signs could lead to more investor interest and subsequent acquisitions.
Currently, LUNC price is currently trading at $0.0001535. This represents an increase of 0.54% per day, as opposed to a massive gain of around 6% over the week, according to crypto market tracker CoinMarketCap.