The Terra Classic (LUNC) community has formally approved a proposal to cease all processes of minting and reminting of USTC.
As the community endeavors to restore the USTC stablecoin’s peg to $1 and revitalize LUNC, the proposal presents an opportunity for institutions like the cryptocurrency exchange Binance to start the process of burning USTC, recognizing that the minting and reminting of USTC has concluded. The proposal 11784 “Stop Minting and Reminting of USTC” has been approved by the community, if Binance agrees to burn USTC, it will help the Terra Luna Classic community repeg USTC to $1.
In turn, the price of LUNC has shot up, with the digital asset now leading the top 100 digital assets in the crypto market in gains on September 22. Lunc is up 7.77% on the day, adding as much as $30 million to its market cap in under 24 hours amid the news.
LUNC leads top 100 cryptocurrencies by gains. Source: CoinMarketCap
LUNC technical analysis
LUNC is currently making waves, trading at $0.00006124. This represents an impressive 7.38% gain for the day and a notable 5.74% increase over the past week. Additionally, it’s worth noting that LUNC is currently trading below its 200-day simple moving average, which can be a sign of potential price weakness.
LUNC 1-day price chart. Source: Finbold
Taking a closer look at its recent performance, LUNC has had only 12 positive trading days in the last 30 days, accounting for 40% of the time frame.
The token has seen a significant downturn over the past year, with a substantial decrease of -78% in its price. When compared to the top 100 cryptocurrencies, LUNC has faced stiff competition, as a remarkable 96% of them has outperformed it over the course of a year.
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