While the old Blockchain is on its way as Terra Classic, the price of the new LUNA has been watched carefully since the weekend, but Luna Classic (LUNC) is performing a serious bullish run contrary to what was expected following the launch of the new Blockchain.
Luna Classic (LUNC), which has created a new market at fractional prices, has lost 40% of its value from $0.00013 to $0.000075 with the launch of Terra 2.0 last week. With the new Luna token starting operations, LUNC, which performed better, had a remarkable 150 percent rise from $0.000075 to $0.000188 on May 29.
The rise in Luna Classic (LUNC) price can be attributed to Binance's intention to stand behind the minus Blockchain with the news that it will launch a new perpetual contract for the token.
According to the latest announcement, 1000LUNC perpetual contracts with up to 20x BUSD margin will be launched on Binance futures tomorrow. While this development caused an increase in the price of LUNC, the 24-hour trading volume increased by nearly 200 percent and approached 260 million dollars. The LUNC market cap is just under $1 billion.
In addition to these developments, it is known that South Korean institutions continue to investigate the historical Terra collapse in detail. While it is not yet clear how the research results will affect Terra 2.0, this increases the degree of uncertainty towards the project.
In the light of current developments, the new LUNA price found a balance in the 5 dollar band, although it saw initial prices reaching 30 dollars in some exchanges. In the first hours of the new week, it broke the horizontal movement upwards and rose to $ 9 with a 50 percent increase in value. As of the writing of the news, LUNA is moving at the level of $ 8.8.
On the other hand, Binance seems to be the last exchange to start new LUNA transactions. Tomorrow's price action of LUNA, which will be opened for trading on the Binance platform on May 31, is eagerly awaited. Because Binance was the cryptocurrency exchange with the highest volume of LUNA trading.