Revival of LUNC to $1 Divides Terra Luna Classic Community

Terra Luna Classic Rejects Proposal to Revive LUNC and USTC

The Terra Luna Classic community has rejected Proposal 11767, which aimed to revive the LUNC and USTC tokens. The proposal suggested testing the market swap with a mint limiter, enabling the market swap function and reducing the supply of LUNC and USTC. However, the USTC Quant Team and L1 Terra Classic Task Force disagreed with the idea at this time, citing issues with the market module. The proposal failed to surpass the required threshold, with only 45% of votes in favor. As a result, the LUNC price fell by 5% in the past 24 hours, currently trading at $0.000056, while the USTC price dropped by more than 7% to $0.012.

LUNC and USTC Prices Fall Amid Altcoin Selloff

Both LUNC and USTC have experienced a decline in prices over the past 24 hours. LUNC is currently trading at $0.000056, representing a 5% decrease. Similarly, USTC has fallen by over 7% and is now priced at $0.012. This decline is part of a broader selloff in the altcoin market, with cryptocurrencies such as Ethereum, XRP, Solana, Dogecoin, and Shiba Inu also experiencing sudden drops. Bitcoin, on the other hand, has only seen a 0.30% decrease in the last 24 hours, but there are concerns about its potential fall due to the formation of a death cross pattern.

Hot Take: Proposal Rejection Highlights Challenges in Terra Luna Classic’s Revival

The rejection of Proposal 11767 to revive LUNC and USTC reveals the challenges facing the Terra Luna Classic community. While there was hope that enabling the market swap function could boost the tokens’ value, concerns over the market module’s flaws led to its dismissal. This decision has had a direct impact on the prices of LUNC and USTC, with both experiencing significant declines. Additionally, the broader altcoin market has also seen a selloff, indicating a bearish sentiment among investors. As Terra Luna Classic continues to navigate these challenges, it will be crucial for the community to find alternative solutions to revive LUNC and USTC and regain investor confidence.