Terra Luna Classic Community Passes Crucial Proposal; LUNC And USTC Price Skyrockets

Terra Luna Classic community has unanimously passed a crucial proposal amid efforts to revive LUNC and USTC. The proposal seeking community approval for the on-chain deployment of terrad client v2.3.1, related to incorporating dynamic validator commission module.

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In the aftermath of a token crash attributed to an algorithm fault, Terra Classic (USTC) and the Terra Ecosystem have faced significant challenges. The market crash resulting from this incident continues to have lasting effects, with multiple attempts to revive the ecosystem proving unsuccessful.

Terra Classic Price Prediction: The recent turbulence in the cryptocurrency market, driven by factors like the delayed approval of Bitcoin's spot ETF and legal concerns around Binance, has led to increased selling pressure affecting various cryptocurrencies, including Terra Classic (LUNC). Experiencing a notable correction of around 30% from $0.0000972 to $0.00006, LUNC's decline seems to be part of a bullish pennant pattern, offering a potential recovery opportunity for investors.

In the midst of the ever-changing dynamics of the cryptocurrency market, Terra Classic (LUNC), the precursor to the troubled Terra (LUNA) network, has piqued the interest of artificial intelligence (AI) analysts. With its current valuation standing at a humble $0.000064, LUNC has certainly weathered its share of price fluctuations.

Binance, the world's largest crypto exchange, has completed its 15th round of burning Terra Luna Classic (LUNC) tokens, totaling 760 million tokens. This brings Binance's total LUNC burn to nearly 40 billion tokens.

Terra Classic (LUNC) from the past few weeks is in the green zone, with a cumulative seven-day price increase of 13%. With a great trading volume, LUNC has peaked by 323.66% in the last 24 hours, propelling its price to $0.00006508, representing an 8% gain amidst a broader passive crypto market.

The Terra Luna Classic (LUNC) community has voted overwhelmingly, with nearly 60% in favor, to cease the minting and reminting of Terra Classic UST (USTC) tokens. The drastic decision, in a decisive move aimed at rescuing the beleaguered Terra Classic stablecoin, comes in the wake of Terra's collapse in May 2022, which had sent shockwaves through the crypto market, leaving USTC's value in shambles.

Supporters say the current developer team, L1 Task Force, needs more expertise to fix the chain. Astroport Classic's issues have highlighted this need, as it's a critical source of on-chain liquidity.

The Terra Luna Classic community has made a decision to halt the minting and reminting of USTC tokens as part of their efforts to bring the stablecoin back to its $1 value and revive the LUNC token. This move also allows entities like the crypto exchange Binance to begin burning USTC tokens now that the minting and reminting process has ended.

The Terra Luna Classic community has officially passed a proposal to stop all minting and reminting of USTC. While the community looks to repeg USTC stablecoin back to $1 and revive LUNC, the proposal opens the door for entities such as crypto exchange Binance to start burning USTC learning that the USTC minting and reminting

Over the recent weeks, the Terra classic coin price has showcased a more defined downtrend, especially noticeable since mid-August. This movement is delineated by two descending trend lines, which have repeatedly served as dynamic barriers of support and resistance.