crypto.news 2025-03-18 16:45:01

USTC price wavers as LUNC community votes to make it a meme coin

TerraUSD token remained in a tight range as the Terra Luna Community members voted to reclassify it and change its name. TerraUSD ( USTC ) price was trading at $0.01266 on Tuesday, down by 45% from its highest level this year. This retreat has brought its market cap to $70 million. The Terra Luna Classic ( LUNC ) community is voting on a proposal that seeks to reclassify USTC from a stablecoin into a Universal Standard Token or a meme coin. This proposal reflects the reality that USTC no longer functions as a stablecoin, and the chances of it regaining its $1 peg are slim. With USTC trading at $0.01260, it would need to rise by over 7,300% to reach parity with the U.S. dollar. You might also like: LUNC price bottoms as Terra LUNA Classic crosses a 406b milestone The goal of this vote is to preserve exchange listings and bypass regulatory restrictions. Binance, the biggest supporter of LUNC, has already announced plans to delist USTC later this month, and other exchanges may follow. The argument is that exchanges could continue listing USTC if it’s no longer classified as a stablecoin. Reclassifying USTC would also exempt it from stablecoin-related regulations, simplifying compliance. The proposal also seeks to change USTC’s name from TerraUSD to Universal Standard Token Classic, while retaining the ticker symbol USTC. TerraUSD emerged from the collapse of Terra in 2022 , which led to a $40 billion loss. The original TerraUST or UST was an algorithmic stablecoin that aimed to preserve the $1 peg. It did that by relying on a balance of supply and demand managed by arbitrage. It also had a mint-and-burn relationship with Luna. USTC price technical analysis USTC price chart | Source: crypto.news USTC’s price crashed and bottomed at $0.0085 earlier this year. It then rose slightly to the current $0.0125, just below the key resistance at $0.01387. This level was significant as it marked the lowest swing in April, July, and August last year. USTC price has formed a small double-bottom pattern at $0.010 whose neckline is at $0.02193, its highest level this month. A double-bottom is one of the most bullish reversal signs in the market. Therefore, USTC could bounce back and retest the key resistance at $0.03140, its highest level in 2024, which is about 145% above the current price. However, a drop below the support at $0.0085 would invalidate the bullish outlook. You might also like: Mantra price could hit $10 as CEX balances fall, open interest soars

Наиболее читаемые новости

Four.Meme resumes operations after $120K sand...
2025-03-19
Bullish Breakout On The Ethereum 4-Hour Chart...
2025-03-19
Director of '47 Ronin' Charged With Defraudin...
2025-03-19
Ethereum’s Pectra Testnet Challenges: Holesky...
2025-03-19
South Korea’s Central Bank Takes Cautious Sta...
2025-03-19
Arctic Pablo Coin Crushes Presale — The Best...
2025-03-19
Ethereum Price On The Brink? Why Another 30%...
2025-03-19
XRP Expected to Reach $4 by April as Hedera (...
2025-03-19

Связанные новости

Прочтите Отказ от ответственности : Весь контент, представленный на нашем сайте, гиперссылки, связанные приложения, форумы, блоги, учетные записи социальных сетей и другие платформы («Сайт») предназначен только для вашей общей информации, приобретенной у сторонних источников. Мы не предоставляем никаких гарантий в отношении нашего контента, включая, но не ограничиваясь, точность и обновление. Никакая часть содержания, которое мы предоставляем, представляет собой финансовый совет, юридическую консультацию или любую другую форму совета, предназначенную для вашей конкретной опоры для любых целей. Любое использование или доверие к нашему контенту осуществляется исключительно на свой страх и риск. Вы должны провести собственное исследование, просмотреть, проанализировать и проверить наш контент, прежде чем полагаться на них. Торговля - очень рискованная деятельность, которая может привести к серьезным потерям, поэтому проконсультируйтесь с вашим финансовым консультантом, прежде чем принимать какие-либо решения. Никакое содержание на нашем Сайте не предназначено для запроса или предложения