On November 11, Binance’s co-founder and former CEO, Changpeng Zhao (CZ) stated in a tweet, “Crossing the chasm, finally.” This comment, while broad in scope, refers to the strides the cryptocurrency industry has made in establishing itself in the global financial landscape.
In response, well-known crypto expert WSB Trader Rocko replied with gratitude, saying, “Thank you for your support for crypto and especially $LUNC!”
As always, CZ did not ignore WSB Trader Rocko’s gratitude. Responding to the acknowledgment, Binance co-founder wrote, “ah, don’t mention it…”
ah, don’t mention it…
— CZ BNB (@cz_binance) November 11, 2024
Trader Rocko’s comment highlights a specific area where Binance has made a notable impact: its support for Terra Classic (LUNC), the token born out of the Terra ecosystem’s collapse in May 2022. Binance has played a critical role in the token’s survival and its efforts to rebuild confidence within the Terra Classic community.
Through coordinated token burn initiatives and ongoing platform support, Binance has effectively helped stabilize LUNC, which otherwise may have struggled to regain traction.
Binance’s Support for Terra Classic (LUNC)
Binance’s contributions to LUNC have been underscored by recent token burn initiatives. In October 2024, Terra Classic validator HC Crypto shared data on Binance’s latest LUNC burn, highlighting the destruction of over 1.1 billion LUNC tokens, valued at approximately $116,089. This burn was part of Binance’s broader strategy to reduce the token’s circulating supply, a critical move to restoring LUNC’s valuation potential.
Due to the Terra blockchain implosion of May 2022, which led to a dramatic devaluation of LUNC, token burn initiatives were implemented to create scarcity and provide an economic pathway for Terra Classic (LUNC) and USTC recovery.
Binance’s recurring participation in these LUNC token burns is appreciated by the Terra Classic community, as the exchange’s continued involvement signals a commitment to LUNC’s long-term viability.
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Community Rally and Influence
Trader Rocko’s public acknowledgment of Binance’s support aligns with the broader sentiments within the LUNC community, where Binance and its executives, including Zhao, are appreciated for their efforts to keep the project afloat.
For many LUNC supporters, Binance’s active participation is essential for the token’s stability and market credibility, particularly given its past volatility.
Validator HC Crypto has also used her platform to call on the Terra Classic community to recognize and appreciate Binance’s contributions.
In her October tweet, HC Crypto encouraged her followers to “drop a like” if they supported CZ’s continued engagement with LUNC.
This community rally, led by influential figures like HC Crypto and now echoed by WSB Trader Rocko, has reinforced Binance’s role as a steward for LUNC.
A Step Toward Restoring Market Confidence
The backing of high-profile industry figures including Binance, for LUNC, contributes to a larger narrative about the potential for rebuilding projects that have encountered setbacks.
CZ’s tweet, “Crossing the chasm, finally,” could be interpreted as an indication of Binance’s enduring commitment to LUNC and similar projects despite significant challenges.
Binance’s engagement with Terra Classic may also serve as a case study for future recovery projects. Many investors and industry watchers continue to look to Binance’s actions as an indicator of project stability, especially when it involves community-driven tokens like LUNC.
Through deliberate actions such as token burns and public endorsements, Binance and its executives have indirectly set a precedent for crypto exchanges and stakeholders, showing how their involvement can be instrumental in helping a token maintain its relevance after major market challenges.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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