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- Binance has declared its support for the Terra (LUNA) network upgrade, which is set to take place on July 18.
- The value of LUNA increased by 16% in a 24-hour period, reaching a peak of $0.7274.
Binance, the largest cryptocurrency exchange globally, has confirmed its backing for the Terra (LUNA) network upgrade. The Terra community has successfully approved the on-chain proposal for the Phoenix software upgrade v2.4, with a majority of votes supporting the initiative. Consequently, the price of LUNA has experienced a notable rise of over 16%, hitting a high of $0.7274 in the last 24 hours.
As per Binance’s official announcement on July 17, the Terra (LUNA) Phoenix v2.4 software upgrade is scheduled for July 18 at 13:00 UTC, coinciding with block height 5,994,365. To assist with the upgrade process, Binance will temporarily halt LUNA deposits and withdrawals one hour before the upgrade begins. Nevertheless, users will still be able to trade LUNA normally during the network upgrade.
Binance Support Fuels Growth in LUNC and USTC
The network upgrade is of significant importance for the Terra ecosystem. Additionally, Binance’s endorsement of the upgrade is anticipated to further enhance Terra’s growth and acceptance within the cryptocurrency community.
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Alongside the rise in LUNA’s price, other tokens within the Terra ecosystem have also seen considerable increases. Both Terra Classic (LUNC) and TerraClassicUSD (USTC) have broken out from a descending channel pattern, resulting in remarkable gains of 20% and 50% respectively over the past week.
Terra Classic (LUNC) Price Chart (Source: CoinMarketCap)
At the time of this report, LUNC was priced at $0.00009622, marking a 16% increase over the week, with a significant 24-hour trading volume of $98 million. Conversely, USTC was trading at $0.01774, reflecting an impressive rise of 52% within a week, along with a 10% increase in a single day. Furthermore, USTC recorded a 24-hour trading volume of $145 million, soaring approximately 59%, according to CoinMarketCap.
Nonetheless, the announcement of Binance’s support for the Terra (LUNA) network upgrade and the subsequent price increase underscores the growing confidence and interest in the Terra ecosystem and its native cryptocurrency. The upgrade is expected to usher in positive changes and advancements, promoting the ongoing development of the Terra network within the cryptocurrency landscape.
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