Here's why the price of Terra Classic soared 250% in September

The hype around Terra Classic's staking service and new token burning feature is helping fuel the LUNC rally. Altcoin Watch

Terra Classic (LUC) has outperformed all top-ranked cryptocurrencies so far in September, gaining almost 100% in the past seven days alone.

The token has surged more than 250% since the beginning of the month to reach $0.000594 on September 8, its best level on record. While Bitcoin (BTC) fell 4% and Ether (ETH) only gained 3.5% over the same period.

Terra Classic Market profits emerged despite its association with the defunct Terra Token (LUNA), a $40 billion project that collapsed in May. Terra Classic is a rebranded version of the same Terra project and has therefore been the subject of skepticism from analysts and investors since its inception.

But, traders have ignored these warnings in recent weeks, with a host of fundamental catalysts prompting them to buy LUNC.

A new staking service went live on the Terra Classic channel on August 27, serving as the first major signal behind the ongoing LUNC price rally.

According to LuncStaking_Bot, users have staked over 610 billion LUNC with Terra Classic against its net supply of 6,900 billion units. In other words, nearly 9% of the total LUNC supply has been taken out of circulation.

LUNC provisioning and staking

Total SUPPLY: 6,903,660,538,201

STAKEDbonded: 533,102,702,962unbonded: 77,003,374,763

GAME RATIO8.837% (stuck: 7.722%)

2022-09-08 17:30 UTC