Terra’s USTC stages rally with 150% surge over 24 hours Terra’s USTC stages rally with 150% surge over 24 hours
While the defunct coin was up only 40% at press time, a huge spike in volume and price over the last 24 hours has drawn attention.
2 min read
Updated: Nov. 27, 2023 at 11:06 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Terra’s failed algorithmic stablecoin USTC topped CryptoSlate’s daily biggest gainers list on Nov. 27; the token’s value shot up over 150% in the last day and was up 39.9% over 24 hours at press time.
The digital asset rose to $0.07581 during the reporting period, its highest level since May 2022, when the industry was still smarting from its shock collapse.
While it has since retraced to $0.05 as of press time, CoinMarketCap data showed that the upward price movement was met with more than 350% growth in its daily trading volume, which stood at $1.5 billion.
Meanwhile, this price performance continued a month-long uptrend that has seen its value rise by 275% during the past seven days, 383% in the last 30 days, and nearly 200% in the past year, according to CryptoSlate data.
The positive sentiment also appeared to have spread to other Terra-related digital assets, including the LUNC — formerly Terra Luna — and Terra (LUNA), which were among the day’s top gainers. Per the data, LUNC is up 21.86%, while LUNA jumped roughly 6%.
Why are Terra tokens surging?
Market observers have linked the Terra-tokens uptick to the new developments within its ecosystem.
Earlier today, Binance, the largest crypto exchange by trading volume, announced its USTC perpetual contract offering leverage of up to 50x.
The firm stated that qualified liquidity providers would benefit from the 0.005% maker fee rebates on trades involving the USTC/USDT Perpetual Contract for 14 to 15 days. Additionally, users can trade this contract using various margin assets through the Multi-Assets Mode.
Meanwhile, the USTC community remains actively involved in helping the failed stablecoin regain its peg. It recently proposed an on-chain upgrade to re-enable the market module and return the token to its $1 peg.
Concurrently, the Terra network has experienced heightened transaction activity. The Terra Classic Foundation reported approximately 478 million LUNC tokens paid as daily transaction fees yesterday.
Moreover, the bullish momentum was fueled by the fake news that Luna Classic Labs, a community project for the Terra ecosystem, purchased $500,000 worth of the stablecoin on Nov. 26.
However, the project has debunked the reports, claiming that the news was manufactured “from the workshop of sh*tcoin fraudsters and pump & dump engineers.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
TerraClassicUSD
$0.02113
TerraUSD (UST) is a decentralized and algorithmic stablecoin on the Terra blockchain.
Do Kwon began his professional journey as an engineer, contributing to tech giants Apple and Microsoft.
