Terra Luna Classic (LUNC) price fell in value following the community’s decision to reject an 800 million USTC incineration proposal. This offer, which was not accepted due to the lack of consensus among members and validators, triggered fluctuations in the price.
numbered 11927 and “800 million USTC Titled “Burning of Funds”, the proposal was close to being rejected by the Terra Luna Classic community. The initiative, whose final voting date was set on December 27, aimed to burn a significant amount of USTC in the Risk Harbor multisig wallet. This action was deemed crucial after Risk Harbor reported that it had lost the keys, making recovery of funds impossible.
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Despite its urgency, the proposal received only 30% support, with 11% voting against and 15% vetoing. A significant portion of the votes, 44%, abstained. The divide in community opinions highlights the complexity of decision-making on decentralized finance platforms.
Impact on LUNC and USTC Prices
In conclusion, Terra Luna Classic The price lost value because this offer was not accepted. LUNC is trading at $0.0001455, having experienced a 6.78% decline in the past day. According to CoinMarketCap, the altcoin price has fluctuated and its 24-hour trading range has ranged from $0.0001425 to $0.0001571.
During the decline, LUNC’s market capitalization decreased by 5.92% to $860.37 million, while its 24-hour trading volume showed an opposite trend, increasing by 11% to $77.14 million. Despite the price drop, this increase in trading volume demonstrates increased activity and interest in the altcoin, with investors potentially taking advantage of lower prices to purchase additional tokens.
Similarly, the price of USTC experienced a decline of 5% and the current price is $0.03314. Price action remained mostly stable throughout the week, indicating market uncertainty. The 24-hour trading range for USTC is $0.032 to $0.0352.
