{"id":552725,"date":"2023-09-25T08:30:50","date_gmt":"2023-09-25T08:30:50","guid":{"rendered":"https:\/\/wncen.com\/?p=552725"},"modified":"2023-09-25T07:34:41","modified_gmt":"2023-09-25T07:34:41","slug":"is-terra-classic-planning-for-ustc-to-be-pegged-to-the-dollar-again","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/is-terra-classic-planning-for-ustc-to-be-pegged-to-the-dollar-again\/","title":{"rendered":"Is Terra Classic Planning For USTC To Be Pegged To The Dollar Again?"},"content":{"rendered":"

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.<\/span><\/p>\n

The proposal to halt USTC minting and reminting is part of a comprehensive plan to facilitate the re-pegging process of the stablecoin. To accelerate this process, members of the Terra Classic community are actively encouraged to <\/span>participate in the burning of USTC tokens<\/span><\/a>, effectively reducing the token’s circulating supply.<\/span><\/p>\n

Related Reading: XRP Forecast: Is A Retreat Below $0.5 Likely Before October?<\/a><\/div>\n

Before the catastrophic events of May 2022, Terra’s blockchain network allowed users to seamlessly swap between USTC and LUNA, Terra’s native cryptocurrency. However, as the network crumbled and USTC lost its peg to the US dollar, the system began minting LUNA coins in a desperate attempt to restore stability.\u00a0<\/span><\/p>\n

This emergency measure led to an oversupply of LUNA tokens and a cascading effect on its price, dragging USTC’s value far below its intended $1 mark.<\/span><\/p>\n

\"\"<\/p>\n

The Yes votes have it. Source: Atom.Scan<\/a><\/pre>\n
Terra Luna Burning Challenge<\/strong><\/h2>\n
The community’s primary objective with <\/span>this proposal<\/span><\/a> is to expedite the burning of LUNA tokens, ultimately driving up their value. The burning process, where tokens are permanently removed from circulation, has been sluggish so far, with only 75 billion LUNC tokens successfully incinerated. This leaves the circulating supply at approximately 5.9 trillion LUNC, out of a total supply of 6.84 trillion.<\/span><\/p>\n
As more LUNA tokens were minted to restore the USTC peg, the oversupply put immense downward pressure on LUNA’s price. Consequently, USTC’s value suffered a steep decline from its initial $1 valuation.<\/span><\/p>\n
<\/p>\n
LUNC\/USDT trading at $0.000060 on the daily chart: TradingView.com<\/a><\/pre>\n
Accumulation Signals Amidst Uncertainty<\/strong><\/h2>\n
Despite the tumultuous journey thus far, there are positive indicators that offer a glimmer of hope for the Terra Luna Classic community. According to <\/span>CoinGecko<\/span><\/a>, the current price of LUNC stands at $0.00006150, reflecting a 2.9% increase in the past 24 hours and a promising 6.6% surge over the past seven days.<\/span><\/p>\n
Key momentum indicators observed within a 24-hour window show signs of approaching overbought levels. LUNC’s Relative Strength Index (RSI) stands at 53, indicating moderate strength, while its Money Flow Index (MFI) is at 76, suggesting robust accumulation. This shift in sentiment indicates that the community’s efforts to restore value may be gaining traction.<\/span><\/p>\n
\"\"<\/p>\n
LUNC price action in the last seven days. Source: Coingecko<\/pre>\n
Related Reading: ImmutableX Makes Noise As IMX Dominates Top 50 Roster With 33% Climb<\/a><\/div>\n
The Terra Luna Classic community’s bold decision to halt USTC minting and reminting signifies a concerted effort to revitalize the ailing stablecoin. With a renewed focus on burning LUNA tokens and correcting the supply-demand imbalance, the community aims to steer USTC back on course towards its $1 peg, providing a glimmer of hope amidst a challenging journey of redemption.<\/span><\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
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. The proposal to halt USTC minting and reminting is part of a comprehensive plan to facilitate the re-pegging process of the stablecoin. To accelerate this process, members of the Terra Classic community are actively encouraged to participate in the burning of USTC tokens, effectively reducing the token’s circulating supply. Related Reading: XRP Forecast: Is A Retreat Below $0.5 Likely Before October? Before the catastrophic events of May 2022, Terra’s blockchain network allowed users to seamlessly swap between USTC and LUNA, Terra’s native cryptocurrency. However, as the network crumbled and USTC lost its peg to the US dollar, the system began minting LUNA coins in a desperate attempt to restore stability.\u00a0 This emergency measure led to an oversupply of LUNA tokens and a cascading effect on its price, dragging USTC’s value far below its intended $1 mark. The Yes votes have it. Source: Atom.Scan Terra Luna Burning Challenge The community’s primary objective with this proposal is to expedite the burning of LUNA tokens, ultimately driving up their value. The burning process, where tokens are permanently removed from circulation, has been sluggish so far, with only 75 billion LUNC tokens successfully incinerated. This leaves the circulating supply at approximately 5.9 trillion LUNC, out of a total supply of 6.84 trillion. As more LUNA tokens were minted to restore the USTC peg, the oversupply put immense downward pressure on LUNA’s price. Consequently, USTC’s value suffered a steep decline from its initial $1 valuation. LUNC\/USDT trading at $0.000060 on the daily chart: TradingView.com Accumulation Signals Amidst Uncertainty Despite the tumultuous journey thus far, there are positive indicators that offer a glimmer of hope for the Terra Luna Classic community. According to CoinGecko, the current price of LUNC stands at $0.00006150, reflecting a 2.9% increase in the past 24 hours and a promising 6.6% surge over the past seven days. Key momentum indicators observed within a 24-hour window show signs of approaching overbought levels. LUNC’s Relative Strength Index (RSI) stands at 53, indicating moderate strength, while its Money Flow Index (MFI) is at 76, suggesting robust accumulation. This shift in sentiment indicates that the community’s efforts to restore value may be gaining traction. LUNC price action in the last seven days. Source: Coingecko Related Reading: ImmutableX Makes Noise As IMX Dominates Top 50 Roster With 33% Climb The Terra Luna Classic community’s bold decision to halt USTC minting and reminting signifies a concerted effort to revitalize the ailing stablecoin. With a renewed focus on burning LUNA tokens and correcting the supply-demand imbalance, the community aims to steer USTC back on course towards its $1 peg, providing a glimmer of hope amidst a challenging journey of redemption. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from<\/p>\n","protected":false},"author":557,"featured_media":552744,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1144,8686,86792,4735,15241,87704,86791],"class_list":["post-552725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btcusd","tag-ethusd","tag-lunc-price","tag-price-action","tag-stablecoins","tag-terra-luna-classic","tag-ustc"],"acf":[],"yoast_head":"\nIs Terra Classic Planning A USTC Re-Peg To The Dollar?<\/title>\n<meta name=\"description\" content=\"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)\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Terra Classic Planning For USTC To Be Pegged To The Dollar Again?","url":"http:\/\/wncen.com\/news\/is-terra-classic-planning-for-ustc-to-be-pegged-to-the-dollar-again\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/is-terra-classic-planning-for-ustc-to-be-pegged-to-the-dollar-again\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/a-86.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/a-86.png?fit=999%2C561"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["btcusd","ethusd","lunc price","price action","stablecoins","terra luna classic","ustc"],"dateCreated":"2023-09-25T08:30:50Z","datePublished":"2023-09-25T08:30:50Z","dateModified":"2023-09-25T08:30:50Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Is Terra Classic Planning For USTC To Be Pegged To The Dollar Again?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/is-terra-classic-planning-for-ustc-to-be-pegged-to-the-dollar-again\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/is-terra-classic-planning-for-ustc-to-be-pegged-to-the-dollar-again\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/a-86.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/a-86.png?fit=999%2C561\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"btcusd\",\"ethusd\",\"lunc price\",\"price action\",\"stablecoins\",\"terra luna classic\",\"ustc\"],\"dateCreated\":\"2023-09-25T08:30:50Z\",\"datePublished\":\"2023-09-25T08:30:50Z\",\"dateModified\":\"2023-09-25T08:30:50Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/a-86.png?fit=999%2C561","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/552725"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=552725"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/552725\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/552744"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=552725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=552725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=552725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}