Terra Classic (LUNC) has been rallying over the past week, surging more than 181% due to intense buying pressure. Further fueling interest in LUNC, Binance just completed its 16th token burn, removing 3.9 billion LUNC from circulation.
As LUNC keeps drawing attention, traders are also watching new gaming altcoin, TG.Casino (TGC), which has raised over $3.3 million in presale.
Binance burns help boost Terra Classic price to $0.00026
On Dec. 1, Binance executed its 16th token burn of LUNC, covering trading fees accumulated on the exchange from Oct. 31 to Nov. 29.
Binance has burned over 43 billion LUNC from fees to date, significantly reducing the circulating supply.
The recent burn of 3.9 billion tokens is significantly higher than November’s burn of 760 million tokens, the lowest amount yet.
This surge in the burn rate correlates with a massive spike in LUNC trading volumes on Binance in the final week of November.
When trading volume ramps up, more fees accumulate, leading to more LUNC being burned.
By permanently removing these tokens from circulation, Binance’s burns put deflationary pressure on LUNC.
With fewer tokens available to trade, this can positively impact LUNC’s price – if demand remains steady or increases.
As such, LUNC has rallied to $0.00026 at the time of writing, marking its highest value since November 2022.
What’s behind the LUNC surge?
While Binance’s token burn has contributed, LUNC price spike also stems from additional factors.
LUNC is riding on the wave of positive sentiment in the broader crypto market, which has seen Bitcoin (BTC) and Ethereum (ETH) rally since mid-October.
Investors are increasingly bullish on crypto after recent inflation cool-downs, meaning speculative altcoins like LUNC are becoming more appealing.
LUNC has also been boosted by surging past resistance at $0.000125, helping boost its momentum.
With LUNC holding firmly above the $0.00025 psychological level, many traders expect the trend to continue.
Between the improving market environment and solid technicals, it’s no surprise that Terra Classic is now ranked first in CoinMarketCap’s list of trending cryptocurrencies.
TGC presale gains traction with Telegram integration and staking protocol
As Terra Classic continues its resurgence, TG.Casino and its native token, TGC, are drawing investors’ attention.
TG.Casino is a gaming platform leveraging Telegram’s user base to integrate crypto payments and various useful features.
Unlike competitors that require extensive know-your-customer (KYC) checks, TG.Casino allows anonymous crypto gaming for enhanced privacy.
Players can enjoy classic games like blackjack, roulette, and slots while funding their accounts using top cryptocurrencies or TGC.
TG.Casino has attracted over 10,200 active Telegram community members.
TGC holders also gain access to attracting staking rewards, with yields currently standing at 177% APY.
The platform also provides a 200% rake-back bonus up to 10 ETH and 25% cashback on losses for those who wager using TGC.
TG.Casino has a selection of high-roller NFTs, awarded to users who hit specific presale investment or wagering milestones.
Holders will receive additional perks, like seasonal rewards and a share of the TGC distributed through TG.Casino’s buyback-and-burn mechanism.
TGC are only available through the ongoing presale phase, which has now raised over $1.3 million.
Tokens are priced at $0.175 in the current stage, although they will increase in price in each successive stage.
With presale momentum accelerating, and TG.Casino’s X following growing, TGC is being considered by optimistic investors.
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.