- Both LUNC and USTC have witnessed a substantial surge, drawing attention within the crypto market.
- USTC surged by 165% in the last 24 hours, and LUNC saw a 51% increase, erasing a zero and indicating a breakout.
TerraClassicUSD (USTC) stablecoin has displayed a striking upswing, surging over 276% in the last 24 hours, triggering renewed optimism within the Terra Classic (LUNC) community and marking a significant moment for the digital asset.
This unexpected rally follows a quiet pullback period, with both USTC and LUNC prices witnessing significant surges of 276% and 51%, respectively, erasing one zero from LUNC. Also, this sudden jump has stirred the bullish trend and heightened the probability of a sustained uptrend in both digital assets.
The catalyst for this shift can be attributed to an update from Trader QT, an X (formerly Twitter) user and official partner of Luna Classic Labs. Trader QT disclosed that Terra Classic Labs acquired 25.6 million USTC, totaling $500,000, as part of its Treasury Reserve Policy, with an average purchase price of $0.021 per unit. This strategic move is expected to bolster the stablecoin’s rally and play a significant role in the surge of Terra ecosystem tokens, including LUNA.
USTC and LUNC Continue Momentum!
USTC had de-pegged from its intended $1 peg back in May 2022 and has now been placed on a different recovery model, aiming to revive its price to reach $0.070.
Currently, USTC has surpassed 276% in the last 24 hours and 383% over the past week, reaching a 17-month high of $0.070, last observed in June 2022. Further, USTC’s daily trading volume has witnessed a huge rally of over 2208% in the last 24 hours, amounting to a total of $1.2 trillion.
LUNC also followed the same suit and hit a 7-month high of $0.00012. The cryptocurrency is up 51% in a day and 56% in the past week. Securing the 71st position with a market cap of $695 million. In the last 24 hours alone, LUNC has seen a remarkable 1152% increase in daily trading volume, reaching $678.4 million.
Moreover, Terra Luna (LUNA) also displayed a 32% rally in the last 24 hours, currently trading at $0.8906. However, this unexpected turn of events has not only reignited optimism within the Terra Classic community but has also captured the attention of the wider crypto market, marking a new chapter in the trajectory of USTC and LUNC.
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- Source: https://thenewscrypto.com/terra-classic-tokens-lunc-and-ustc-surge-rapidly-what-sparked-the-rally/
