Binance, one of the crypto industry’s leading platforms, has achieved notable strides since it launched some years ago.
On November 11, Changpeng Zhao (CZ), co-founder and former CEO of Binance, tweeted, “Crossing the chasm, finally.” This statement reflects the progress the cryptocurrency industry has made in becoming a vital component of global finance.
CZ Gets Some Appreciation For Supporting LUNC And Other Projects
Replying to CZ’s tweet, popular crypto aficionado WSB Trader Rocko thanked him for supporting crypto, particularly $LUNC. CZ acknowledged this thanks by replying, “ah, don’t mention it…”
The gratitude expressed by Trader Rocko highlights Binance’s significant role in supporting Terra Classic (LUNC), a token that emerged after the collapse of the Terra ecosystem in May 2022. Binance has been vital in ensuring LUNC’s survival and in rebuilding trust within Terra Classic’s community.
Through organized token burns and ongoing support, Binance has helped stabilize LUNC, which might have otherwise struggled to gain momentum.
Binance’s efforts to assist LUNC are evident in recent token burn initiatives. In October 2024, Terra Classic validator HC Crypto shared information about Binance’s latest burn, which eliminated over 1.1 billion LUNC tokens valued at around $116,089.
This action is part of Binance’s strategy to decrease the token’s circulating supply, an essential step in restoring LUNC’s value.
Following the devaluation caused by the May 2022 collapse of the Terra blockchain, the token burn initiatives aim to create scarcity and support the recovery of Terra Classic (LUNC) and USTC.
WSB Trader Rocko’s public gratitude aligns with the positive feelings within the LUNC community, where Binance and its leaders, including Zhao, are recognized for their efforts to sustain the project.
For many supporters, Binance’s involvement is crucial for LUNC’s stability, particularly after its previous volatility. Validator HC Crypto has also urged the Terra Classic community to acknowledge Binance’s contributions, encouraging her followers to show support for CZ’s ongoing efforts with LUNC.
This community support, led by influential voices like HC Crypto and echoed by WSB Trader Rocko, strengthens Binance’s position as a key supporter of LUNC.
BTCRepublic had earlier reported about the imprisonment of the recently freed Zhao.
Support From Influential Persons Can Lift Struggling Tokens
The backing of LUNC by prominent industry figures, including Binance, adds to the broader story about rebuilding projects that have faced difficulties. Binance’s involvement with Terra Classic may serve as a model for future recovery efforts.
Investors and industry observers often look to Binance’s actions as signs of a project’s stability, especially for community-driven tokens like LUNC.
Through thoughtful initiatives like token burns and public endorsements, Binance and its leaders have set an example for crypto exchanges and stakeholders. Their involvement can be crucial in helping a token remain relevant after facing major market challenges.
CZ’s tweet comes as he faces a $1.8 billion lawsuit filed in the U.S. by FTX, A collapsed crypto exchange. The suit relates to an alleged “fraudulent” share deal with Zhao, which it claims was largely funded by money stolen from customers.
In its response, Binance stated that “the claims are meritless, and we will vigorously defend ourselves.
Meanwhile, crypto prices increased this week as investors respond positively to the Republican victory in the U.S. election. Many believe that the president-elect will promote a more favorable environment for cryptocurrencies from Washington.
The price of BNB has soared from around $300 in July 2021 to $627 on Monday. Additionally, Bitcoin reached a record high of over $83,000 on Monday.
