Terra Classic (USTC) witnesses an extraordinary surge, with prices skyrocketing by 300% in just 24 hours. Let’s delve into the potential catalysts driving this remarkable upswing.
Summary
- USTC witnessed 300% surge in 24 hours, reaching $0.069, marking a 298% gain over the past week.
- Terra Classic Labs strategically acquires 25.6 million USTC tokens, investing $500,000 to bolster USTC’s value post-de-pegging in May 2022.
- Terra Luna Classic community unanimously approves on-chain deployment of terrad client v2.3.1, addressing critical issues and showcasing rapid response.
- Terra Classic saw a new all-time high of 589,000 transactions on Nov 22, indicating increased user activity and confidence. Staking ratio on Terra Classic rebounds above 15%, supporting decentralization and earning rewards.
- USTC’s surge positively influences LUNC, witnessing a 45% increase. LUNA also surged by 19%.
- Binance to launch perpetual contracts for USTCUSDT on Nov 27, introducing new trading opportunities and speculation on USTC’s future price movements.
Terra Classic (USTC) has experienced an unprecedented surge, with prices soaring by 300% within 24 hours. This surge, propelling USTC to $0.067, reflects a remarkable 298% gain over the past week.
This surge comes as a stark departure from the previous period of stagnation, leaving many curious about the factors driving such a rapid increase. Below we have stated potential reasons for the recent rise. In any case, the reasons listed here are not necessarily the reasons for the surge.
Strategic Acquisition by Terra Classic Labs
Terra Classic Labs has orchestrated a strategic move by acquiring 25.6 million USTC tokens, injecting approximately $500,000 into the market at an average price of $0.021 per token.
This acquisition, aligned with the Treasury Reserve Policy, reportedly aims to fortify the value of USTC following its de-pegging from the $1 mark in May 2022. The investment is designed to enhance liquidity stability and create new investment opportunities, thereby increasing user holdings.
Community-Driven Proposals Fueling Momentum
The Terra Luna Classic community has played a pivotal role in USTC’s rally. A crucial proposal seeking community approval for the on-chain deployment of terrad client v2.3.1, has garnered unanimous support. This update addresses a critical issue related to the dyncomm ante decorator, specifically resolving the sequence mismatch problem affecting some validators during commission edits.
Furthermore, the recent proposal to safely re-enable the market module and incrementally re-peg USTC to $1 also caught the eye of many.
Record-Breaking Transactions and Staking Surge
Recent data from the Terra Classic Foundation indicates a surge in network activity, with a new all-time high of 589,000 transactions recorded on November 22. Additionally, the staking ratio on Terra Classic has rebounded above 15%, signaling strong user confidence and support for decentralization. These metrics suggest a positive shift in user sentiment towards the project and indicate that the ecosystem is on track for recovery.
Over the past day, the asset’s 24-hour trading volume increased by 1,350%, reaching $1.3 billion.
Impacts on Terra Classic (LUNC) and LUNA
Given the close relationship between USTC and Terra Classic (LUNC), the surge in USTC’s value has positively influenced LUNC, witnessing a 45% increase to $0.0001135. This reversal of previous losses hints at the potential for LUNC to explore new price levels, driven by the ongoing USTC rally.
Meanwhile, LUNA has surged by 19% in the past 24 hours, trading at $0.83, with a market cap of $491 million, making it the 99th-largest cryptocurrency.
As per recent reports, Binance launched perpetual contracts for USTCUSDT on November 27 at 12:30 UTC. This development introduces a new dimension to USTC trading, allowing speculators to capitalize on price movements relative to USDS-M through leveraged trading.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: The content in the above article is a press release, provided by a third party. Readers should do their own research before interacting or engaging with the mentioned companies and/or any related services. BSC News is neither directly nor indirectly responsible for any damage or loss caused or alleged to be caused by or in connection with the use of any content, goods or services mentioned in the above article.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Disclaimer: This article is exclusive BSC News Premium Content. Premium content is viewable without a membership for a limited time. After the limited time period expires, readers will need to either subscribe or hold a BSC News NFT to view Premium Content. Visit the BSC News NFT website, Discord, and Twitter to learn more about becoming a Premium member.
Disclaimer: The content of this piece is the opinion of the writer. Nothing in this article is intended to constitute financial advice. The content of this article is intended for entertainment and educational purposes only. Investing in cryptocurrency carries a high degree of risk. Capital is at risk, and returns are never guaranteed. You should always do your own research.
Disclaimer: Disclaimer: This article is written by a visiting author. Opinions herein are those of the visiting author. Nothing in this article is intended to constitute financial advice. The content of this article is intended for entertainment and educational purposes only. Investing in cryptocurrency carries a high degree of risk. Capital is at risk, and returns are never guaranteed. You should always do your own research.
Author
.jpg)
Soumen Datta
Related News
Credit: Source link
Bitcoin 
Ethereum 
XRP 
Tether 
BNB 
Solana 
USDC 
Dogecoin 
Lido Staked Ether 
Cardano 
TRON 
Wrapped stETH 
Chainlink 
Wrapped Beacon ETH 
Wrapped Bitcoin 
Hyperliquid 
Ethena USDe 
Avalanche 
Sui 
Figure Heloc 
Stellar 
Bitcoin Cash 
Wrapped eETH 
WETH 
Hedera 
LEO Token 
Litecoin 
USDS 
Cronos 
Toncoin 
Shiba Inu 
Coinbase Wrapped BTC 
Binance Bridged USDT (BNB Smart Chain) 
Polkadot 
World Liberty Financial 
WhiteBIT Coin 
Ethena Staked USDe 
Uniswap 
Monero 
Mantle 
Ethena 
Dai 
Aave 
Pepe 
MemeCore 
OKB 
Story 
NEAR Protocol 
Bitget Token 
Jito Staked SOL 