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Terra\u2019s Luna<\/a> Classic has enjoyed a bit of renaissance in the past week as its value saw a significant rise after the introduction of a 1.2% burn tax on all swaps.<\/strong><\/p>\n The token traded for as high<\/a> as $0.00031131 during the week before losing some of the gains. As of press time, it is trading at $0.0002604.<\/p>\n Regardless of this, LUNC is one of the best-performing cryptocurrencies in the prevailing bear market. Since its historical implosion<\/a> in May, the asset has risen by over 25,000% during the last four months.<\/p>\n In the last 30 days alone, LUNC is up 160.5% and by almost 200% in the past 14 days.<\/p>\n For context, Bitcoin<\/a> has shed over 13% of its value during the last 30 days while Ethereum<\/a> has lost roughly 4%, despite the enthusiasm surrounding the merge.<\/p>\n The original LUNA token saw its volume reach 7 trillion after the collapse of the Terra<\/a> ecosystem. The token inflation<\/a> eventually led to the collapse of its value from over $80 to less than a cent.<\/p>\n Since then, the developers have handed the blockchain governance to the community, who are now looking to redeem the cryptocurrency.<\/p>\n Before the new 1.2% burn mechanism, the existing burn rate has already led to the removal<\/a> of over\u00a03 billion tokens\u00a0from circulation.<\/p>\n Additionally, the staking mechanism on Terra has aided the price rebound for the token. The staking ratio was 2.6% of the total supply on August 27. But it has now reached\u00a07.5%.<\/p>\n