Here's Why Terra Luna Classic (LUNC) Is Soaring Today
The ride so-called "Lunatics" have been on over the past year is perhaps one of the most incredible ones we've seen in the world of cryptocurrencies. Terra Classic (CRYPTO: LUNC), a blockchain project born out of the previous high-flying Terra ecosystem that supported an algorithmic stablecoin, is a shadow of its former self. After plummeting from a high of nearly $120 per token last year, investors can now pick up LUNC tokens for roughly $0.0003 apiece. This implies a near-total loss for those who bought near the peak.
That said, today's impressive spike in LUNC is starting to garner attention. As of 11:30 a.m. ET, Terra Classic has surged 33.7% over the past 24 hours. This about-face comes as prominent crypto exchange Binance announced it would support the Terra Classic community in burning all trading fees. In a blog post released early this morning, the Binance team ran through the details of how these burn transactions will take place.
Given the rather complex restructuring that's still ongoing with the Terra Classic blockchain, there's plenty of room for speculation around this token. Accordingly, investors had seen previous rallies in this token that many have attributed to the equivalent of meme rallies in recent weeks.
Source Fool.com
