Terra Classic The (LUNC) community has officially approved a proposal to cease all printing and reprinting of the USTC.
The community is making efforts to get the USTC stablecoin pegged to $1 and revitalize LUNC. On the other hand, the offer cryptocurrency The exchange offers institutions like Binance the opportunity to begin the process of burning USTC by acknowledging that the printing and re-minting of USTC is over. Proposal 11784 “Stop the Printing and Reprinting of the USTC” was approved by the community. If Binance agrees to burn USTC, Terra Luna will help the Classic community re-mint USTC to $1.
In response, the price of LUNC rose. The digital asset currently leads the top 100 digital assets in the crypto market in gains on September 22. Lunc increased by 7.77% during the day. It added $30 million to its market value in less than 24 hours after the news.
Notably, Zilliqa and ApeCoin are among the top 100 cryptocurrencies in the last 24 hours. It ranks second and third with gains of 6.19% and 2% respectively.
LUNC is currently making waves trading at $0.00006124. This represents an impressive gain of 7.38% for the day. Moreover, it represents a significant increase of 5.74% over the past week. Additionally, it is worth noting that LUNC is currently trading below its 200-day simple moving average. It is possible that this is also a sign of potential price weakness.
A closer look at its recent performance shows that LUNC has only had 12 positive trading days in the last 30 days, accounting for 40% of the time period.
The token has experienced a significant decline in the past year with a significant drop of -78% in price. Compared to the top 100 cryptocurrencies, altcoin faced stiff competition. Because 96% of them outperformed them over the course of a year.
koinfinanass.com As we reported, you can access the current market movements here.