Terra Classic's Revival Plan to Regain the USTC Peg

Alex Forshaw and Edward Kim, part of the Terra classic community, provide a detailed plan of the network driven by the community. It reveals a bold attempt to bring back the TerraClassicUSD (USTC)dollar peg after implementing a 1.2% tax burn on September 20th.

Timeline of Terra-luna

A popular cryptocurrency whale known as Gigantic Rebirth on the microblogging platform Twitter has revealed a massive bet of around $8 million against Terra Classic ($LUNC). Terra Classic is the rebranded version of the original Terra ecosystem, which collapsed earlier this year.

Till yesterday, the crypto market was displaying all signs of recovering well after a few disastrous months. However, the release of the Consumer Price Index (CPI) flipped the scenario, and the bears have regained dominance.

Terra Classic [LUNC] has been surging on an almost ridiculous bullish activity in the past weeks. It was trading among the top 30 cryptocurrencies by market cap according to CoinMarketCap.

The era of meme-coins is hardly over but the reigning king of meme-coins appears to have a new face. What Happened: While dog-themed crypto tokens like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) enjoyed their time in the limelight, the crown of “meme-coin king” has been passed to Terra Classic (CRYPTO: LUNC), according to a report from Santiment.

Just two days ahead of the much-awaited 1.2% tax burn being implemented, Binance has added LUNC and USTC to Binance Convert. This development is positive news for the LUNC community as it will help to add more value to the crypto, which had been lying on a deathbed for several months.

Recently, Edward Kim, a Terra (LUNC) community member, gave a proposal that will help revive the digital asset. Kim proposed a 1.2% tax burn implementation for all the on-chain LUNC transactions.

2021 was the year of meme currencies like Dogecoin (DOGE) and Shiba Inu (SHIB) which gained massive traction. However, that didn't last for long as the interest slid down as other prominent cryptocurrencies gained the interest of the market participants.  The Terra Classic (LUNC) was introduced after Terra (LUNA) collapsed in May.

The world's largest cryptocurrency exchange, Binance, has announced it is expanding support for the community-led Terra Classic chain and will be adding Terra Classic (LUNC) and TerraClassicUSD (USTC) to Binance Convert.

With a value increase of 50.58% Friday, Terra Classic (LUNC) surprised everyone by emerging as one of the top 100 gainers in the cryptocurrency market. LUNC has been rising for four days in a row and has increased by 77.36% over the past week.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Terra Classic and its native token LUNC are the original coin and chain, identifiable by the “Classic” in their name.