USTC’s Meteoric Rise Sparks Crypto Enthusiasm; Impact on LUNC Anticipated
Yesterday, TerraClassicUSD (USTC) experienced a surprising surge, marking a significant shift in its value as it underwent a substantial increase.
The latest uptick in USTC’s value is notable, with its current price sitting at $0.03568, representing an impressive surge of 137.20% within the last 24 hours. This surge comes after a period of relative stagnation, during which the token struggled to gain traction. However, in the past week, it not only recovered from losses but also saw a substantial 170% increase.
Reports from Trader QT, an Official Partner affiliated with Luna Classic Labs, suggest that Terra Classic Labs made a strategic move by acquiring 25.6 million USTC, valued at around $500,000, with an average price of $0.021 per USTC. This acquisition aligns with their Treasury Reserve Policy and aims to bolster USTC’s stability and market value, following its detachment from the $1 peg in May 2022.
The recent action by Terra Classic Labs indicates a potential turning point in USTC’s trajectory, possibly serving as a stabilizing factor for the stablecoin.
Terra Classic Labs’ involvement in restoring the Terra Classic brand appears driven by a clear objective: not just to ensure USTC’s liquidity stability but also to offer users an investment opportunity amid its detachment from the $1 peg. USTC has transformed into an investment asset, allowing users to expand their holdings.
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Given the average purchase price of $0.021, Terra Classic Labs has witnessed a substantial 76.6% increase in their investment, considering the current market price of $0.0371.
This surge in USTC might also influence the fate of its counterpart, Terra Classic (LUNC). As USTC’s performance often mirrors that of LUNC, this surge could potentially trigger an upturn in LUNC’s market performance.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
