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![Terra LUNA Classic [LUNC] Price](https://www.thecoinrepublic.com/wp-content/uploads/2022/08/Terras-2-Classic-Coins-Mysteriously-Spike-in-Value-USTC-Climbs-42-Higher-in-24-Hours-1140x641.jpg)
A High of $0.00031131
In spite of promises to revitalize the chain and entice investors back, Terra LUNA Classic, or LUNC is still rising. Since August 26, LUNC has increased by more than 2,400%, reaching a high of $0.00031131. But now that bull fatigue has taken hold, LUNC has given up all of today’s gains and has returned to trading below the closing of the previous day.
Following the UST de-peg in May, the Terra ecosystem died. In the panic, the stablecoin fell as low as $0.006. Despite efforts to re-establish its peg price, UST is presently trading at $0.03458, well below the $1 mark. To guarantee the price stability of the native LUNA coin, UST collaborated with it through an algorithmic approach. Since losing its peg, the entire Terra ecosystem has been dogged by controversy, with claims that Do Kwon, the project’s founder, planned the scheme from the beginning.
Staking Ratio Keeps Increasing
The development and control were turned over to the community and relaunched as LUNA Classic after billions were lost and regulators began to swarm. However, considering the concerns, many investors are still cautious, particularly those who have already been hurt by the scandal. In spite of this, the introduction of new features seems to be attracting investors, as seen by the LUNA Classic’s spectacular increase since mid-August. Miles Deutscher, a crypto analyst, noted that LUNA Classic shows that significant gains are still attainable even in a depressed market.
The core of this revival is a generous staking mechanism that went live on August 27. At the debut, the staking ratio was 2.6% of the total supply. The staking ratio, however, keeps increasing. LuncStaking Bot reports that the current ratio, which is 7.5%, has virtually quadrupled in less than two weeks. Staking payouts now average over 37% annually, which is a huge increase above Cardano’s around 5% yield. Unsustainable harvests, however, contributed to the death of the original Terra environment.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
