Terra Luna Classic price held steady on Thursday after the community voted to reject a highly controversial proposal.
Terra Luna Classic (LUNC) rose to $0.00006545, up by 20% from its lowest level this month and 40% higher than its lowest point in 2025.
The main catalyst for the coin was that the community members voted down a controversial proposal to create a sub-DAO. According to the team, LUNC would have had four sub-DAOs, each with its own mandate.
One DAO would oversee Terra Classic’s security and chain stability, while the second would be responsible for communication and marketing. Another DAO would be for documentation, while the last one would oversee mediation. Each of these sub-DAOs would operate for a six-month voluntary term.
The final tally showed that most members voted in favor of the proposal. However, 38% of the voters rejected the proposal. The proposal was ultimately rejected through a veto since the “no with veto” crossed the 33.4% threshold.
https://twitter.com/MrDiamondhandz1/status/1902620483796787248
The campaign to reject the proposal was led by an anonymous X user and LUNC validator known as Mr. DiamondHandz, who argued that creating the sub-DAO would open the floodgates for a power grab from the community. He claimed that sub-DAO leaders could potentially place their friends in key committee positions.
The LUNC community is now voting on a major move that would change the classification of TerraUSD (USTC) from a stablecoin to a meme coin. This proposal would recognize the reality that the coin no longer trades as a stablecoin and that the odds of regaining its peg are limited.
LUNC price analysis
The daily chart shows that the Terra Luna Classic price bottomed at $0.00005650 this month. This was notable since it was the lowest level in February this year and in July and August last year. It has formed a giant quadruple-bottom with a neckline at $0.0001792.
LUNC has also formed a bullish divergence pattern, which happens when an oscillator trends upwards while the price is falling. The awesome oscillator has moved upwards and is about to cross the zero line. Also, the percentage price oscillator, a unique type of MACD, has continued rising.
Therefore, a combination of a bullish divergence and a quadruple-bottom pattern points to more upside. A drop below the support at $0.000056 would invalidate the bullish view.
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