Terra Luna Classic (LUNC) price held steady on Thursday after the community voted to reject a 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.

Terra Luna Classic price held steady on Thursday after the community members voted to reject a highly controversial proposal that would have seen the creation of a sub-DAO for the main chain. This follows a report by a crypto analyst who said that LUNC has a chance of hitting $1 again.

LUNC price rose to $0.00006545 by 10:30 ET (14:30 GMT), trading 20% higher than its lowest level this month. It was also 40% above its lowest point in 2025.

Terra Luna Classic had a turbulent start to 2024 as the main chain community members voted down a proposal that would have seen the creation of four sub-DAOs for LUNC. One DAO would oversee the chain’s security and stability, the second would be responsible for communication and marketing, another would be for documentation, and the last one would oversee mediation.

Each of these sub-DAOs would operate for a six-month voluntary term. The final vote showed that most members voted in favor of the proposal. However, 38% of the voters rejected the proposal. This ultimately led to the proposal being rejected through a veto since the “no with veto” crossed the 33.4% threshold.

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 see the classification of TerraUSD (USTC) change 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 slim.