- Youtube crypto analyst Claybro claims the LUNC USTC may likely repeg following recent community efforts.
- The LUNC USTC community recently supported a proposal to burn 800 million USTC tokens.
- Despite the community efforts, the market slowdown has impacted the tokens, with LUNC shedding 2.63% in the past week.
In a video posted on Youtube, ClayBro, a crypto analyst, says the LUNC USTC repeg is back on track. In recent weeks, the Terra Luna Classic community has made several proposals and plans towards the LUNC USTC repeg. According to the YouTuber, these current efforts show the community may achieve their desired goals.
The community recently voted on two proposals to return and burn 800 million USTC tokens. The proposals titled 11658 and 11660 got passed by the community and thus will not be returned to the community pool.
With the many proposals in place and an active roadmap followed by the community, LUNC USTC maxis believe the token has a chance at survival. However, the recent market slowdown has impacted the community’s efforts. Likewise, the community revealed it has yet to receive any centralized exchange backing.
Data from CoinMarketCap show that LUNC has shed 2.63% in the past seven days. At the time of press, the token is trading at $0.00007746. However, LUNC recorded a significant increase in trade volume in the same period. Similarly, USTC has experienced a better form, with a 7.06% increase in the last seven days.
The Terra Luna collapse last year wiped out over $40 billion. The collapse also started the crypto winter, which saw several crypto institutions collapse and the general market decline. Since then, co-founders Kwon Do-Hyeong and Shin Hyun-Seung have become subjects of multiple investigations.
In related news, Seoul prosecutors investigating the Terra Luna collapse plan to leverage the recent court ruling in XRP cases. Local news sources in Korea confirm the prosecutors have already obtained a translated copy of the XRP ruling. According to Dan Sung-Han, a chief prosecutor in the case, the securities status of XRP is a crucial part of the Terra Luna trial.
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