Binance Backs LUNC Upgrade, Price Surges 3.5%!

• Binance announced support for Terra Luna Classic’s network upgrade, allocating $124,000 to the Layer-1 Task Force.
• The proposal will bring Terra Luna Classic (LUNC) up to parity with the forked version of the network Terra 2.0 and other Cosmos-based crypto projects.
• Following the news, LUNC spiked 3.5%, while other altcoins are in the red at press time.

Binance Supports LUNC Network Upgrade

The leading crypto exchange Binance recently announced their support for Terra Luna Classic’s network upgrade with an allocation of $124,000 to the Layer-1 Task Force. This comes just a day after proposal #11511 was passed by the community and is aimed at bringing Terra Luna Classic (LUNC) up to parity with the forked version of the network Terra 2.0 and other Cosmos-based crypto projects.

LUNC Price Spikes After Announcement

Following Binance’s announcement, LUNC saw a spike of 1.2% on its daily charts while most competing altcoins are in the red at press time according to CoinGecko data which shows that #83 ranked $LUNC trades at $0.00009212 as of now.

Other Proposals Passed To Help Struggling LUNC

Besides Proposal #11511, multiple proposals have been passed in order to help struggling altcoin LUNC out from its current downtrodden state such as 0.5% proposal for burning tax (#11515) which focuses on reducing circulating coins and re-pegging malfunctional stablecoin USTC which currently trades less than two cents on a dollar at press time.

Binance Receives Criticism For Support Move

Some traders criticized Binance’s move as they think this kind of support should not be granted to any cryptocurrency project as this could lead to market manipulation or unfair advantage over others who don’t have similar backing resources or connections like LUNC does through Binance’s support move here today .

Conclusion

In conclusion, it is evident that although there can be some criticism over Binance’s move here today in supporting one specific altcoin out of many different ones available in the market, it cannot be denied that this move has had positive implications on LUNCs price so far and may continue doing so if more developments take place on that front in near future .