TerraUSD Classic (USTC) Surges in Price and Trading Volume
TerraUSD Classic (USTC), the algorithmic stablecoin within the Terra Classic (LUNC) ecosystem, has experienced a notable upward trend, garnering renewed interest in the stablecoin.
According to CoinMarketCap data, USTC has surged by 25.48% over the past 24 hours, reaching $0.01624. The reasons behind this resurgence are not yet clear, but the growth seems organic based on its recent buying momentum.
Trading activity for USTC has seen a significant increase, with over $92.4 million worth of the stablecoin traded in the past day, reflecting a 702% surge. This widespread adoption of USTC has propelled its price to its highest level in over a month.
USTC is designed to maintain a 1:1 peg with the United States Dollar. However, since its de-pegging event more than a year ago, USTC has been consistently trading at a lower value, with a 52-week high of $0.06. The de-pegging had far-reaching consequences within the digital currency ecosystem, impacting the associated cryptocurrency Terra Classic and leading to the bankruptcy of several Web3.0 startups affiliated with its parent company, Terraform Labs. This event also contributed to the downturn in the crypto market.
Despite these challenges, the recent surge in the price of USTC has sparked optimism among community members who believe that the stablecoin may have the potential to retest the $1 price level.
The LUNC community is actively working on revitalizing the ecosystem by implementing measures such as burning LUNC tokens and introducing innovative programs like staking. These efforts aim to revive interest in the stablecoin and drive its accumulation.
With the current price surge, USTC has gained attention from a broader range of traders, making it an asset to monitor in the near and long term.