USTC Price Increased by 9%, Terra Classic Offer Increased to $1 for USTC Repeg Is It Effective?
TerraClassicUSD (USTC) price is up 9% in the last 24 hours, supported by strong trading volume growth of over 800%. USTC is currently ranked 67th in terms of trading volume, surprising the crypto community due to this sudden increase. Are plans in place to revive USTC to $1?
terra luna Classic Offer For USTC Repeg
Proposal 12102 “The Ultimate Repeg Plan – A Community-Driven Repeging Proposal” is under voting on the Terra Classic Station wallet. The aim of the proposal is to create a durable and community-driven mechanism focused on gradually restoring and preserving the stability of the USTC peg.
The proposal is based on three mechanisms. These are that stakers are required to lock a certain amount of USTC across their LUNC delegation to earn full staking rewards, and stakers are required to lock additional USTC when the USTC price drops to earn full staking rewards. Additionally, post-repeg stakers do not need to maintain additional USTC balance to earn rewards, allowing them to sell extra USTC at a profit.
The proposal did not receive many votes from the community, with 18% voting “Yes”. There was a high rate of “No” votes with 78.45 percent. Validators such as Interstellar Lounge, JESUSisLORD, Community First LUNC, and others voted against the proposal because they believed it had no value. Yet LBUN Project, StakeBin, and others think the narrative could help replicate USTC.
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Can LUNC Price Follow Similar Rally?
Analyst Javon Marks reaffirmed that a 5+x rise in LUNC is possible. It could push the price to $0.000593, the post-Terra Classic high.
LUNC price rose 1% in one day amid market-wide buying. Price is currently trading $0.0001091. The 24-hour high and low are $0.0001084 and $0.0001221 respectively. Additionally, transaction volume increased by 370% in the last 24 hours.
The large increase in trading volume on USTC and LUNC is due to purchases by futures traders. Total USTC futures open interest has skyrocketed by 70% in the last 24 hours.
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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