Terra Classic ( LUNC ) outperforms cryptocurrencies All leading until September by nearly 100% in the past seven days alone.
The token price rose more than 250% a month, hitting $0.000594 on September 8, a record high, while Bitcoin (BTC) was down 4% and Ether (ETH) was up only 3.5% over the period. same There are many fundamental factors that influence gamblers to buy LUNC.
Staking service
The new staking service became available to the Terra Classic portfolio on Aug. 27, serving as the first significant signal behind the ongoing LUNC price hike.live
3 months ago we saw the potential for $LUNC to rise like a phoenix from the ashes
This is why we created $LUNC DAO, to inspire the community to revive the chain
Today the milestone of staking was reached
If we can achieve this in 3 months, imagine what we can achieve in 1 year
—
I’m sorry
(@LUNCDAO) August 27, 2022
According to data from LuncStaking_Bot More than 610 billion LUNC tokens combined with Terra Classic were found to be staking users with a net supply of 6.9 trillion units. in other words This makes up nearly 9% of the total LUNC supply being wiped out.
information from StakingRewards It shows that staking Terra Classic returns users 37.8% annually, one of the high payouts in the crypto industry.
higher yield It could play a key role in boosting demand for LUNC and result in a more than 450% increase in the token price since the launch of the Stake service, as shown in the image below.
Burning LUNC Tokens
In addition to Stake, Terra Classic developers are introducing a token burning mechanism to increase the scarcity of LUNC.
Terra Classic community member Edward Kim proposed to charge 1.2% transaction tax on LUNC online transactions in early September. Such tariffs will be burned to the dead address, thus permanently reducing the supply of LUNC out of circulation.
Terra Luna Classic (#LUNC) skyrockets >37,000% since its bottom after the Terra collapse
This comes after a proposal to implement a 1.2% token burn tax on all transactions that will enable $LUNC to become a deflationary cryptocurrency.#LUNC
#HaileyLUNC
— Hailey LUNC
(@TheMoonHailey) September 7, 2022
Beware of being sold
However, with some technical indicators it has shown that the LUNC price hike is at risk of a near-term decline, including the daily relative strength index (RSI), which is above 90 in the day. On September 8, this is a highly overbought level and is often followed by a correction.
Additionally, the recent increase in LUNC has been accompanied by lower volumes. This indicates that traders are still unsure how long this rally will last.
The post Why Terra Classic Price Jumped 250% in September ? appeared first on Bitcoin Addict.