Terra Stablecoin (UST) Spikes By 160% To $0.3, Here’s Why

In a bid to revive the LUNA and TerraUSD from the recent historic crash, Terra has come out with multiple proposals. Amid the ongoing voting over the newly updated proposal, Terra’s UST prices briefly saw a massive increase.

The token rose as much as 160% to $0.3, before sharply consolidating its gains.

LUNA jumps by 7%

Do Kwon, Founder of Terra, suggested a new revival plan and opened the voting among the community to decide its fate. According to CoinMarketCap, the UST price reacted insanely to spike over 160% at a time. TerraUSD price went up to touch the $0.31 price level suddenly. However, no such transaction was recorded to back the surge.

The crypto data tracker shows that around 4:10 PM (IST) the price jumped from the $0.10 mark to $0.31. The price stayed at the top till 5;40 PM (IST). However, the UST prices came down to its news decreased value of $0.098. The TerraUSD is trading at an average price of $0.0908, at the press time.

Meanwhile, Terra’s LUNA prices have also pumped by 7% in the last 24 hours. LUNA is trading at an average price of $0.00019, at the press time.

Voting over Terra’s new plan goes live

The voting for the revival of the Terra and its token is live and will stay open for 7 days. Do Kwon proposed to create a new Terra chain but this time without the algorithmic stablecoin. He suggests calling the old chain as Terra Classic (LUNC) while the new chain will be known as Terra (LUNA). The new LUNA will be airdropped among the old LUNA stakers, holders, remaining TerraUSD holders and app developers.

With this new proposal, Kwon wants to make Terra a fully community owned chain. Till now, over 64.7 million (approx 90%) have voted “Yes” for the proposal. While 7.2 million (approx 10%) have gone choose to “No with veto”. However, this is just an early outcome of the voting as over 303 million voters haven’t casted their opinion.