The reason why Terra LUNA Classic “revived”, skyrocketed 2,400% in early September

Terra LUNA Classic (LUNC) has a spectacular comeback with an amazing increase of 2,400% in just one week.

Terra LUNA Classic (LUNC) price continues to climb as the development team implements a plan to revive the chain and attract investors back.

Since August 26, LUNC has skyrocketed to $0.0003164 (an increase of more than 2,400%). Moreover, at the time of writing, the LUNC price has made a slight correction and is trading around $0.000376.

Besides, since LUNC’s all-time low of $0.000000999967, on May 13, the previous “dead” token has increased by an astounding 27,000%.

LUNC reappears with the ambition to “bleach” the past and revive the chain

The Terra ecosystem collapsed in May after the UST dropped in price. As a result, the stablecoin fell to as low as $0.006 amid the market panic. However, despite the attempt to reset the price, UST remains below the $1 level, currently trading around the $0.03 mark.

Previously, UST “joined hands” with LUNA to develop an algorithm to ensure price stability. However, since losing the peg, the entire Terra ecosystem has fallen into a “dark fog”, with allegations that, from the very beginning, the project was a scam orchestrated by founder Do Kwon.

With billions of dollars lost and “in the eyes” of regulators, the development and administration of Terra LUNA were transferred to the community and renamed LUNA Classic. But in the face of the controversy, many investors remain wary, especially those who have previously been affected by the scandal.

Even so, the rollout of new features, such as high-yield staking rewards and token burning to increase scarcity and drive prices up, seem to be drawing investors back.

The proof is the phenomenal rise of LUNA Classic since mid-August. Cryptocurrency analyst Miles Deutscher has pointed out that LUNA Classic proves huge profits are possible during “a bear market”.

LUNA Classic’s new investor attraction strategy

Besides the renaming plan to “bleach” the past, the revival of LUNA also relies on a generous staking mechanism. This mechanism has been active since August 27, with 182 billion tokens, or 2.6% of the supply.

On August 30, more than 402 billion tokens were staked, equivalent to nearly 6% of the supply. Today, the staking rate continues to grow and tripled in less than two weeks, at 7.9%.

The current staking reward is around 37% per year, significantly higher than Cardano (5%). However, unsustainable yields were a factor in the collapse of the Terra ecosystem.

In addition, the developers also introduced the token burning feature. On the LUNC Burner website, over 3 billion LUNCs have been taken out of circulation to date.

Besides, LUNA Classic also announced that major exchanges, including Binance and Kucoin, will support token burning, from September 12.

Current LUNC price

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