- USTC’s price skyrocketed on Monday.
- The development followed the Terra Classic community’s approval of a key proposal.
- While LUNC recorded a slight uptick, its trading volume surged significantly.
TerraClassicUSD (USTC) price skyrocketed on Monday following the approval of a proposal to burn hundreds of millions of USTC tokens.
The Terra Luna Classic community introduced Proposal 12073 “Burn 800M USTC through Contract Migration,” on February 19 and opened the voting window until February 26. The proposal was introduced for the second time after the community initially rejected it.
USTC Skyrockets on 800M Burn Proposal Approval
On February 26, Terra Classic Community’s Proposal 12073 surpassed the “pass threshold,” approving nearly $32 million USTC burn from the Risk Harbor multisig wallet.
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Per ATOMScan data, 40.82% of the votes cast as of press time favor the proposal, while 7.37% are against it. 43.9% had abstained, while 7.86% voted No.
Following the development, USTC’s price gained 25% and shot from a 24-hour low of $0.03716 to $0.04107 in less than an hour. While this rekindled optimism about USTC reaching its December $0.06 level, the price stabilized at around $0.038 about an hour later
As of press time, USTC was up 13.02% in the last 24 hours, and its price had retraced to around $0.036. Its market cap had gained 61.83% over the last one day.
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Meanwhile, beyond the USTC rally frenzy, the LUNC token gained slightly, recording a 2% uptick in the last 24 hours, with the price exchanging hands at $0.0001245 as of press time. LUNC’s trading volume has surged 249.6% in the last 24 hours amid new long positions by traders.
Read why Do Kwon recently asked the court to postpone his trial:
Here’s Why Terra’s Do Kwon Asked The Court To Postpone Trial
Stay updated on LUNC and LUNA unification talks:
LUNC, LUNA In Unification Talks as Terra Classic Cuts Validators
