Terra Classic token soars 250% - see why

New token burning techniques and the hype surrounding the staking service have caused the LUNC token to pump.

This token has risen another 100 percent in the last seven days, surpassing all expectations. And as mentioned - it made 2.5X in the previous month, setting its price at $0.000594 on September 8, which is a record high.

The funny thing is that a token with such a bad reputation with his company was able to make those X's amid the fall of Bitcoin and Ether. Although this token is also still associated with the now-defunct LUNA token, Terra Classic is its rebranding. 

In case you've forgotten or don't know at all, Terra is a company that was worth about $40 billion and collapsed in May. Terra's collapse was the most significant event of the first 2 quarters of 2022.

But despite these events, traders continue to pump this token. It's all thanks to the staking service that appeared on August 27. Users immediately poured 9% of all circulating LUNC tokens. All thanks to an annual rate of more than 30 percent per annum, the highest yearly rate in the niche (unless you count the one-day tokens on no-name platforms, which give a few thousand percent a year).

In addition to staking, a new token-burning mechanism has been introduced. This was done to increase the scarcity of tokens, hence raising the price. That's why they introduced a 1.2% fee on all transactions on the network. The tokens will go to a "dead" address, thus taking them out of circulation.

The main thing is that later it won't "come to life" and turn out to be the address of Do Kwon, the founder of Terra :D.

And by the way, to keep track of new and new tokens from LUNA and everything else - download Moni. Convenient!