Terra Classic (USTC) Surges 300% in a Day: Is $1 Possible?

Terra Classic (LUNC)

The algorithmic stablecoin TerraClassicUSD (USTC), linked to the LUNA ecosystem, has experienced a remarkable surge, recording gains exceeding 300%. This sudden and substantial increase in the token’s value over the last 24 hours has sparked intrigue among the Terra Classic Community. 

This surge has also raised questions about its implications for Terra Classic (LUNC) and the possible resurgence of the LUNA ecosystem.

USTC Coin Records 300% Surge in a Single Day

USTC, formerly known as UST, faced a significant downturn in 2022. It lost its peg to the US dollar and triggered a series of events that adversely affected its sister token, LUNA, and the overall Terra-LUNA blockchain ecosystem. Following the loss of its peg, UST was rebranded as UST Classic, plummeting to as low as $0.01.

Despite the challenges, more than a year later, USTC and certain members of the LUNA ecosystem show resilience. Recent market activity witnessed the token surging by 300%, rising from $0.01569 to $0.0755 within 24 hours. The catalyst for this surge can be attributed to Terra Classic Labs (TCL), a community project within the LUNC network.

TCL was established in October 2023 by former contributors to the thriving LUNA ecosystem. Terra Classic Labs supports new LUNC projects to revitalise the Terra ecosystem. 

A significant development contributing to the recent surge was a substantial purchase by the Terra Classic Labs team. It acquired approximately 25.6 million USTC for $500,000 at an average price of $0.021 per USTC. This strategic move has sparked optimism that Terra Classic Labs could play a role in the recovery and stabilisation of the cryptocurrency.

In a recent tweet, Trader QT, one of its official partners of Luna Classic Labs, made a reveal. He mentioned that the team bought a large amount of about 25.6 million USTC tokens for $500,000 at an average price of $0.021 per USTC. This purchase caused a notable increase in the value of USTC.

Terra Classic (USTC): A Path to $1?

Although the move by TCL sent USTC on a surge, the stablecoin is still far from its $1 peg, trading at $0.0516. Achieving a $1 price would require a significant gain of 1837%.

The recent uptick also impacted LUNC, with a 25% spike in the past 24 hours. Terra Classic is trading at $0.0001004 at the time of writing. 

However, the LUNA ecosystem, having rebranded and moved to Terra 2.0, operates with its native token, LUNA. 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.

Read Also: Terra Classic: USTC Price Surges Over 272% After Community Proposal Approval 

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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