The Terra Classic (LUNC) community has taken a significant step by officially approving a proposal to halt all processes related to the minting and reminting of USTC, the stablecoin associated with the project.
This decision comes as the community aims to restore the USTC stablecoin’s peg to $1 and breathe new life into the LUNC token.
The approved proposal, known as Proposal 11784 “Stop Minting and Reminting of USTC,” marks a crucial moment in Terra Classic’s journey.
It opens the door for institutions like Binance, a prominent cryptocurrency exchange, to initiate the burning of USTC tokens.
This action is significant because it signals the end of the minting and reminting processes for USTC. If Binance agrees to burn USTC tokens, it could play a pivotal role in helping the Terra Luna Classic community achieve its goal of pegging USTC to $1.
The approval of this proposal has had a notable impact on the price of LUNC. As of September 22, LUNC is leading the top 100 cryptocurrencies in terms of gains.
The token has surged by an impressive 7.77% in a single day, contributing approximately $30 million to its market capitalization in less than 24 hours.
In the rankings, Zilliqa (ZIL) and ApeCoin (APE) hold the second and third positions, respectively, with gains of 6.19% and 2% among the top 100 cryptocurrencies over the last 24 hours.
LUNC is currently making waves in the crypto market, with its price sitting at $0.00006124. This represents a substantial 7.38% gain for the day and a noteworthy 5.74% increase over the past week.
However, it’s essential to keep in mind that LUNC is currently trading below its 200-day simple moving average, which could indicate potential price weakness in the future.