Binance supports Terra network upgrade as LUNA price gains

Binance has announced it will support an upgrade to the Terra blockchain network. The exchange paused deposits and withdrawals while the upgrade took place. On the day of the announcement, the price of LUNA tokens rose 15%, and weekly gains reached around 30%. Terra Luna Classic, known as LUNC, jumped 22% in 24 hours, reaching about $0.000034. Trading volume for LUNC grew more than 370%, reaching nearly $46 million across major exchanges. Daily trading volume for LUNA passed $700 million, almost three times the previous level. Another exchange, Bybit, also supported the upgrade. The announcement came on the same day that Terraform Labs founder Do Kwon received his court sentence, which drew extra attention to the Terra network.