Reserve

Terra Classic

Terra

TerraClassicUSD

Rise

TerraClassicUSD (USTC), the algorithmic stablecoin tied to the LUNA ecosystem, recently went on an upward trajectory to register gains of over 300%. In a stunning cascade of events, the token’s price spike in the past 24 hours has left investors wondering about the implication for Terra Classic (LUNC) and the potential revival of the LUNA ecosystem. 
<h2 id="ustc-coin-spikes-300-in-one-day">USTC Coin Spikes 300% In One Day</h2> 
USTC has lost most of its usefulness as a stablecoin <a href="https://bitcoinist.com/luna-investors-suicidal-after-cryptos-collapse/" rel="nofollow">since its implosion in 2022</a> when it was known as UST. The stablecoin <a href="https://bitcoinist.com/luna-founder-do-kwon-reportedly-arrested-montenegro/" rel="nofollow">lost its peg to the US dollar</a> which resulted in a chain of events that led to its sister token, LUNA, also losing most of its value and the demise of the Terra-LUNA blockchain ecosystem. After it lost its peg to the US dollar, the stablecoin was rebranded as UST Classic <a href="https://bitcoinist.com/is-lunc-dead-experts-predict-terra-luna-nearing-zero-in-the-short-term-future/" rel="nofollow">and its value fell</a> to as low as $0.01. 
It’s already been more than a year since the crash, but it looks like the token and some members of the LUNA ecosystem are not ready to give up yet. The latest price action has seen the token spike 300% from $0.01569 to $0.0755 in the past 24 hours. The catalyst for this surge can be attributed to Terra Classic Labs (TCL), a LUNC community project. 
Terra Classic Labs was created in October 2023 by some members of the former thriving LUNA ecosystem. According <a href="https://lunaclassiclabs.com/" rel="nofollow">to its website</a>, it is dedicated to supporting new LUNC projects for the revival of the Terra ecosystem. 
In a social media post by Trader QT, an official partner of Luna Classic Labs, the team made a massive purchase of approximately 25.6 million USTC for $500,000 at an average price of $0.021 per $USTC. This move sent USTC spiking, fueling hopes that Terra Classic Labs can help revive and stabilize the cryptocurrency. 
<blockquote class="twitter-tweet"> 
 I can confirm that today, in an initial strategic investment, Luna Classic Labs has purchased approximately 25.6m <a href="https://twitter.com/search?q=%24USTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$USTC</a> for $500k in accordance with its Treasury Reserve Policy, at an average price of approximately $0.021 per <a href="https://twitter.com/search?q=%24USTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$USTC</a>. 
 — Trader QT (@0x_Ears) <a href="https://twitter.com/0x_Ears/status/1728815556709527667?ref_src=twsrc%5Etfw" rel="nofollow">November 26, 2023</a>
</blockquote> 
<h2 id="can-terra-classic-return-to-1">Can Terra Classic Return To $1?</h2> 
Although the move by Terra Classic Labs sent USTC on a surge, the stablecoin is still trading at $0.0516, far from a $1 price point. The crypto will have to register another gain of 1837% from its current price before it can regain its peg to the US dollar, showing how far behind it is. 
The recent price action however did have some sort of bullish action on Terra Classic LUNC, as it has also spiked by 25% in the past 24 hours. Terra Classic is trading at $0.0001004 at the time of writing. 
Although the Terra Classic community <a href="https://bitcoinist.com/terra-classic-ustc-to-1/" rel="nofollow">hasn’t given up on the cryptocurrency</a>, the LUNA ecosystem has since rebranded and moved from Terra Classic LUNC <a href="https://www.newsbtc.com/terra-luna/luna-2-0-suffers-significant-price-correction-hours-after-launch/">to a new chain</a> (Terra 2.0) with its own <a href="https://www.newsbtc.com/terra-luna/analyst-predicts-terra-luna-to-surge-by-80-100-following-key-event/">native token called LUNA</a>.&nbsp; 
It would seem LUNA also reacted positively to the TerraClassicUSD surge as data from Coinmarketcap shows LUNA has increased by 17.8% in the past 24 hours and is now trading at $0.79. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/TIqo9glB/" alt="USTC price chart from Tradingview.com" width="2650" height="1530">

Road To $1: Why Did Terra Classic (USTC) Rise 300% In One Day?

목차

NewsBTC

2023년 11월 27일에 게재된 다른 기사

Bitcoin slips under $37k, crypto liquidations breach $132 million

Why Did Waltonchain (WTC) Coin Price Crash by 60%?

SEC Faces Challenges in Serving Richard Schueler Lawsuit

Japan’s Financial Giant SBI Holdings and Circle: Revolutionizing Finance with USDC

Ultimate Guide to Metaverse AR: Everything You Need to Know

Lelantus Spark Binary Release

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!