Terra Classic (LUNC) Prices Skyrocket Over 54%; Here’s Why

Terra Classic (LUNC) price grabbed the spotlight today as it has gained 54.62% in the last 24 hours at US$0.000241 per token. At the time of writing Terra Classic posted a 24-hour trading volume of $1.04 billion. With a live market cap of $1.5 billion, the coin currently ranks at #208, as per CoinMarketCap’s data.

What is driving up the price of Terra Classic (LUNC)?

Since the crypto market is very volatile, there are numerous reasons for the sharp jump in LUNC’s price today. However, one probable reason behind this price rise can be LUNC’s V22 network upgrade.

Recently, the TerraClassic developers kicked off a new network upgrade which once approved will allow investors to immediately take the stakes in LUNC. The version V22 update includes a staking feature to the blockchain which is seen as the highly-needed positive catalyst for the LUNC to break above the extended consolidation. If internet rumours are to be believed, almost 69% of the population voted. If the voting is in favour and gets approval it will give much-needed momentum to the stalled project.

It is to be also noted that last month, Binance, the largest cryptocurrency exchange, said that it would support the network update by temporarily suspending deposits as well as withdrawals until the upgrade was completed. Since this was in line with the desires of the Terra community this could be one reason behind the rise in the price of the token and also the upbeat mood.

Roll Out of Governance Alert Bot

This week started on a positive note for Terra as its price moved in a northward direction on Monday (29 August) after it unveiled the launch of a new Governance Alert Bot. Terra held that the Governance Alert Bot will alert the Terra community about all the governance activities linked to Terra (LUNA). Following this news, at one point on that day, LUNA’s price jumped as high as 8% with a trading volume of over 45%.

As of now the top cryptocurrency exchanges for trading Terra Calssic include Binance, OKX, Bybit, BingX, and MEXC.  Coming to the broader market, today the global cryptocurrency market cap stood at $970.16B, a 2.19% decrease compared to the previous day.