In spite of the fact that Terra Classic suffered a massive blow earlier this year, it has recovered to rise again. One of the top gainers of the week, the token had a massive 160% growth in the last seven days.
There is a lot of hype and excitement surrounding this recent development in the crypto industry, but how sustainable is this upturn going to be? Despite the fact that opinions on the topic are diverse, metrics and other developments in the ecosystem are also showing signs of positivity, indicating that an upsurge is likely to be seen in the days to come.
Is it Going to Continue?
There is a lot of excitement among LUNC investors as the token, after a month-long struggle, has taken off in a positive direction. It was at this point in time that LUNC was trading at $0.000226, which was a 150% increase within seven days at the time of writing. An unprecedented surge in price gave investors hope that there would be a continued upward trend in the months ahead.
As a result of the recent price rise, LUNC has also been backed by massive volume, which offers some validation to the uptrend. The possibility of LUNC continuing along the same path is also increased.
There are many reasons for this. One of them is the new staking service that lies within LUNC DAO, founded by a group of Terra Luna Classic participants who are developers and community builders.
A LUNC burn has already been requested by the community. As a result of its implementation, the number of Terra Luna Classics in circulation will be reduced in an attempt to restore coin value. Their value can be restored. LUNC DAO supports a community validation process that is reliable and safe.
It is possible for users to use this to earn a profit on their LUNC tokens through the use of this system. As a result of this transaction, LUNC tokens are purchased and then burnt in order to become more LUNC tokens.
Token staking has become operational as part of the LUNC network update version 22. As of August 30, @LuncStaking Bot tweeted that over 402 billion tokens have been staked, about 6% of the total supply, according to a tweet it sent.
Supply and staking of LUNC
2022-08-31 12:40 UTC#LUNC
— LUNC staking (@LuncStaking_Bot) August 31, 2022
There are a variety of metrics and market indicators pointing in the same direction: LUNC might be able to rise higher in the next couple of weeks, bringing joy to its investors in the process.