Terra Classic

Terra

Foundation

Terra’s failed algorithmic stablecoin <a href="https://cryptoslate.com/coins/terrausd/">USTC</a> topped CryptoSlate’s daily biggest <a href="https://cryptoslate.com/biggest-gainers/">gainers list</a> on Nov. 27; the token’s value shot up over 150% in the last day and was up 39.9% over 24 hours at press time. 
The digital asset rose to $0.07581 during the reporting period, its highest level since May 2022, when the industry was still smarting from its <a href="https://cryptoslate.com/how-the-ust-crash-changed-the-stablecoin-landscape/">shock collapse.</a> 
While it has since retraced to $0.05 as of press time, CoinMarketCap data showed that the upward price movement was met with more than 350% growth in its daily trading volume, which stood at $1.5 billion. 
Meanwhile, this price performance continued a month-long uptrend that has seen its value rise by 275% during the past seven days, 383% in the last 30 days, and nearly 200% in the past year, according to CryptoSlate data.&nbsp; 
The positive sentiment also appeared to have spread to other Terra-related digital assets, including the <a href="https://cryptoslate.com/coins/terra-classic/">LUNC</a> — formerly Terra Luna — and Terra (<a href="https://cryptoslate.com/coins/terra/">LUNA</a>), which were among the day’s top gainers. Per the data, LUNC is up 21.86%, while LUNA jumped roughly 6%. 
<h2 id="why-are-terra-tokens-surging">Why are Terra tokens surging?</h2> 
Market observers have linked the Terra-tokens uptick to the new developments within its ecosystem. 
Earlier today, <a href="https://cryptoslate.com/companies/binance/">Binance</a>, the largest crypto exchange by trading volume, <a href="https://www.binance.com/en/support/announcement/binance-futures-will-launch-usd%E2%93%A2-m-ong-perpetual-contract-with-up-to-50x-leverage-fc5b48ff9a6f4d01abd2acff0eee0c83">announced</a> its USTC perpetual contract offering leverage of up to 50x. 
The firm stated that qualified liquidity providers would benefit from the 0.005% maker fee rebates on trades involving the USTC/USDT Perpetual Contract for 14 to 15 days. Additionally, users can trade this contract using various margin assets through the Multi-Assets Mode. 
Meanwhile, the USTC community remains actively involved in helping the failed stablecoin regain its peg. It recently proposed an on-chain <a href="https://commonwealth.im/terra-classic/discussion/14138-safely-reenable-the-market-module-and-incrementally-repeg-ustc-to-1">upgrade</a> to re-enable the market module and return the token to its $1 peg. 
Concurrently, the Terra network has experienced heightened transaction activity. The Terra Classic Foundation <a href="https://x.com/TCF_Terra/status/1729160265177223332?s=20">reported</a> approximately 478 million LUNC tokens paid as daily transaction fees yesterday. 
Moreover, the bullish momentum was fueled by the fake news that Luna Classic Labs, a community project for the Terra ecosystem, purchased $500,000 worth of the stablecoin on Nov. 26. 
However, the project has <a href="https://twitter.com/LunaClassicLabs/status/1729113028652621830">debunked</a> the reports, claiming that the news was manufactured “from the workshop of sh*tcoin fraudsters and pump &amp; dump engineers.” 
The post <a href="https://cryptoslate.com/terras-ustc-stages-remarkable-rally-with-150-surge-in-24-hours/">Terra’s USTC stages rally with 150% surge over 24 hours</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.

Terra’s USTC stages rally with 150% surge over 24 hours

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