• Terra Classic will stop the minting and re-minting of its Terra Classic USD (USTC) stablecoin.
• The proposal was an attempt to restore the coin’s peg to the U.S. dollar.

Members of the Terra Classic [LUNC] governance community have voted in favor of a proposal to stop all minting and re-minting of Terra Classic USD (USTC) in a bid to restore the stablecoin’s peg to the dollar. 

 How much are 1,10,100 LUNCs worth today?

Before Terra’s collapse in May 2022, the blockchain network allowed its users to easily swap between USTC and LUNA. However, when the network collapsed, and the stablecoin lost its peg, the system began minting LUNA coins in an attempt to restore the peg.

The more LUNA tokens were minted, the more the price of LUNA fell. This caused USTC’s value to drop further from $1. 

As contained in the proposal, to facilitate the re-pegging process, members of the Terra Classic community were encouraged to actively participate in the burning of the USTC tokens.

At press time, the “stablecoin” traded at $0.012, data from CoinMarketCap showed. 

LUNC gains traction

With many expecting this move to help restore USTC to its $1 peg, LUNC has seen an increased demand in the last week. Exchanging hands at $0.00006188 as of this writing, the coin’s value has climbed almost 10% in the last week. 

Among spot traders, accumulation has grown. Key momentum indicators assessed within a 24-hour window were spotted approaching overbought highs. LUNC’s Relative Strength Index (RSI) was 52.39, while its Money Flow Index (MFI) was 75.62. At these positions, LUNC accumulation outpaced its distributio

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Author: Abiodun Oladokun

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