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- CMC indicates a 24-hour value increase of 20.18% for the stablecoin TerraUSD Classic.
- The trading volume for the stablecoin over the past 24 hours has surged by 409%.
The algorithmic stablecoin associated with the Terra Classic (LUNC) ecosystem, TerraUSD Classic (USTC), is experiencing a significant rise today, reflecting a substantial increase in interest towards the stablecoin.
CMC indicates a 24-hour value increase of 20.18% for TerraUSD Classic, which is currently priced at $0.01803. The recent buying momentum suggests that this rise is organic, although the specific reasons for the recent increase remain unclear.
Significant Volume Increase
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The data shows that the stablecoin’s trading volume over the last 24 hours has surged by 409%, reaching $$154,222,673. It appears that the growing adoption of the stablecoin has contributed to its price increase.
Following its historic de-pegging event over a year ago, USTC has been trading significantly lower, with a 52-week peak of $0.06. USTC is a stablecoin intended to be pegged to the USD at a 1:1 ratio, meaning its price should ideally be $1. The de-peg of TerraUSD Classic resulted in widespread negative repercussions, the effects of which are still being felt today.
Several crypto firms that had engaged with Terraform Labs, the parent company of Terra Classic, faced difficulties due to the coin’s price plummeting by over 99.9 percent.
The prolonged crypto winter was exacerbated by the collapse of FTX Derivatives Exchange, which was influenced by the bankruptcies of Celsius Network and Voyager Digital. Many within the community believe that the recent significant price increase of the TerraUSD Classic token indicates a potential momentum to retest the $1 mark.
This is a rather ambitious outlook, but the LUNC community is actively working to enhance its infrastructure to expedite the burning of LUNC and to introduce new initiatives such as staking that could rekindle interest and boost the supply of the stablecoin.
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