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Terra's Luna Classic up 71% - what's behind it?

 


The price of Terra Classic (LUNC) is in the spotlight today as it is up 71% in the last 24 hours to $0.0002802 per token. At the time of writing, Terra Classic recorded a 24-hour trading volume of $1.66 billion. 


What drives up the price of Terra Classic (LUNC)?

Since the crypto market is very volatile, there are numerous reasons for the sharp rise in LUNC price. However, a likely reason for this price increase may be LUNC's V22 network upgrade.


The TerraClassic developers recently gave the go-ahead for a new network upgrade. The V22 version update includes a staking feature that is seen as the much-needed positive catalyst for LUNC to break out of the extended consolidation. If rumors are to be believed, nearly 69% of users voted. If the vote is positive and approved, it will give the stalled project some much-needed impetus.


It's also worth noting that Binance, the largest cryptocurrency exchange, said last month that it would support the network update by temporarily suspending both deposits and withdrawals until the upgrade is complete. Since this was in line with the wishes of the Terra community, it could be a reason for the token price surge and good sentiment.

This week started on a positive note for Terra as the price moved positively on Monday after the company announced the launch of a new Governance Alert Bot. Terra stated that the Governance Alert Bot will notify the Terra community of all governance activities related to Terra (LUNA). 

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