CMC reports a 24-hour increase in value of 20.18% for the stablecoin TerraUSD Classic.

The stablecoin’s 24-hour trading volume has increased by 409%.

The algorithmic stablecoin of the Terra Classic (LUNC) ecosystem, TerraUSD Classic (USTC), is on a meteoric rise today, demonstrating a tremendous upsurge of interest in the stablecoin.

CMC reports a 24-hour increase in value of 20.18% for the stablecoin TerraUSD Classic, which now stands at $0.01803. The overnight purchasing momentum of the stablecoin suggests its rise is organic, albeit the reasons for the recent uptick remain unknown.

Massive Volume Surge

According to the numbers, the stablecoin’s 24-hour trading volume has increased by 409%, reaching $$154,222,673. It seems that the widespread adoption of the stablecoin has driven its price.

Since its historic de-pegging incident more than a year ago. USTC has been trading much lower, with a 52-week high of $0.06. USTC is a stablecoin pegged to the USD at a 1:1 ratio, therefore its price should be $1. There were widespread negative consequences from TerraUSD Classic’s de-peg, and these effects are still being felt today.

Some crypto firms that had dealt with Terraform Labs, the parent business of Terra Classic, fell down as a result of the coin’s price dropping by more than 99.9 percent.

The crypto winter was prolonged by the collapse of FTX Derivatives Exchange. Which was in turn driven by the bankruptcies of Celsius Network and Voyager Digital. Many in the community believe that the TerraUSD Classic token, which has had a massive price increase recently, is gaining momentum to retest the $1 mark.

This is a fairly bold prediction, but the LUNC community is working hard to improve its infrastructure in order to accelerate the burning of LUNC and to promote novel initiatives like staking that may renew enthusiasm for and increase the supply of the stablecoin.

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Filed under: Bitcoin - @ July 16, 2023 7:54 pm