Market experienced another sell-off on October 11
The price of LUNC, the native token of the Terra Classic chain, fell by 6.24% to $0.00028 at the time of publication. On October 11, the market experienced another sell-off as bitcoin remained below the $20K mark.
Binance’s burn turned out to be underwhelming once again. According to the results of its burn published on Oct. 10, Binance burned nearly three billion, or 2,992,563,505 LUNC worth $922,800. The amount was less than that of the previous week, when Binance burned over 5.6 billion LUNC worth $1.8 million.
On the other hand, the price of Terra Classic USD (USTC) continues to rise on its first day, with a gain of almost 37%. At the time of publication, USTC was changing hands at $0.058, up 42.39% over the past 24 hours. Although the reason for the sudden interest is unclear, new suggestions for rearranging LUNC and USTC may have contributed to this.
According to U.Today, the Terra Classic community offered a plan to restructure USTC by introducing an algorithmic fungible token called USTN. The concept encountered problems as it called for the issuance of fresh LUNC tokens.
Another REPEG concept was brought forward again, this time taking into account the 10 billion maximum supply for LUNC, a technology recommended without the need to mint LUNC.
In May, the Terra ecosystem collapsed following the original UST stablecoin depeg. Subsequently, a new Terra chain was born with the name Terra (LUNA), and the old chain was rebranded as Terra Classic with tokens LUNC and USTC, and it now claims to be completely community owned.
According to recent sources, the passport of Terra co-founder, Do Kwon, will expire on October 19 and, as he is now on red notice, will become an illegal overstayer thereafter.
