The Luna Classic token seems to be slightly recovering from its recent Luna crypto crash as it recorded a large price rise.
LUNC is documenting a rapid price action rally as the network is due to receive a V2 upgrade set to alter its system to a certain extent.
Luna Classic (LUNC) was born out of a Luna hard fork soon after the token had crashed 99% in May. The token has surged 70% in the last 24 hours, and is currently sitting at $0.000322.
Luna Classic sees a huge bounce as a new update comes to LUNC
The new Terra Luna Classic price rally has perplexed crypto investors as the token has surged nearly 100% in value in the last 24 hours.
The token's recent price rally has been accredited to the upgrade that the network is set to undergo later this month.
A new update, dubbed V22, is set to introduce a staking mechanism to the existing Luna classic network. The hype surrounding the token has seen a rapid price rally as the LUNC holders will be able to stake their tokens and earn rewards for the same.
This recent alteration has paved the way for investors to study the LUNC token metrics in a new light and contemplate whether they would once again like to explore the possibilities of trading Luna Classic in the long run.
The update will also be reintroducing Luna staking and delegation alongside enabling a 1.2% burn tax.
The upcoming V22 network upgrade is significant for the survival of the token, as LUNC has seen rapid losses since the deployment of the hard fork in the past few months.
The token was created when the Terra community decided to deploy a hard fork that would birth a new token addressed as Luna 2.0 while the former would be addressed as Luna Classic.
The recent price surge of LUNC seems to have renewed investor sentiment towards the token which is currently sitting at $0.000322 at press time.