- The price of USTC, Terra Luna Classic’s stablecoin, has surged by 9% following a community vote on a proposal to repeg the token to $1.
- The proposal aims to restore and maintain the stability of the USTC peg through a community-driven mechanism.
- The price of LUNC, the native token of Terra Luna Classic, also climbed by 1%.
USTC price jumps 9% after Terra Luna Classic community votes on a proposal for USTC repeg to $1. LUNC price also climbs 1%.
USTC Price Surge
TerraClassicUSD (USTC) price has jumped 9% over the last 24 hours, backed by a strong trading volume increase of over 800%. USTC is currently ranked 67 in terms of trading volume, surprising the crypto community due to the sudden boost. Are plans for USTC revival to $1 in effect?
Terra Luna Classic Proposal For USTC Repeg
Proposal 12102 “The Ultimate Repeg Plan – A Community-Driven Repegging Proposal” is under voting stage on Terra Classic Station wallet. The proposal’s aim is to establish a resilient and community-driven mechanism focused on incrementally restoring and preserving the stability of the USTC peg.
Community Response to the Proposal
The proposal hasn’t received much voting from the community, with 18% “Yes” votes. It saw a high number of “No” votes at 78.45%. Validators such as Interstellar Lounge, JESUSisLORD, Community First LUNC and others have voted against the proposal, believing that the proposal holds no value. Whereas, LBUN Project, StakeBin, and others think the narrative can help repeg USTC.
LUNC Price Follow Similar Rally?
Analyst Javon Marks reaffirmed a more than 5 times rally possible in LUNC. It could take the price to $0.000593, which is post-Terra Classic high. LUNC price jumped 1% in a day amid market-wide buying. The price is currently trading at $0.0001091. The 24-hour high and low are $0.0001084 and $0.0001221, respectively. Moreover, trading volume has increased by 370% in the last 24 hours.
Conclusion
The sudden surge in USTC price and the ongoing community vote on the proposal to repeg USTC to $1 indicate a significant development in the Terra Luna Classic ecosystem. Whether the proposal will be implemented and how it will impact the USTC and LUNC prices remains to be seen.
