Algorithmic stablecoin TerraClassicUSD (USTC) has soared by more than 137% in a rare move to bolster its repegging efforts
TerraClassicUSD (USTC) Price Surges as Luna Classic Labs Acquires $500,000 Worth of Tokens
In a dramatic twist, the price of TerraClassicUSD (USTC) is on a massive uptrend today as it makes an impressive move to erase one zero. At the time of writing, market data places the price of USTC at $0.03568 after the algorithmic stablecoin rallied as high as 137.20% in the past 24 hours. For a token whose growth has been stagnant for the better part of the past week, it has now pared off its losses and extended its gains to 170% in the trailing 7-day period.
The growth stems from an update shared by an X user identified as Trader QT, an Official Partner of Luna Classic Labs. According to his revelation, a total of 25.6 million USTC worth about $500,000 has been acquired by Terra Classic Labs as part of its Treasury Reserve Policy at an average purchase price of $0.021 per USTC.
Reasons for USTC Breakout
The acquisition is being seen as a major vote of confidence in the project and is likely to fuel further gains in the price of USTC. The stablecoin has been on a recovery path since May 2022 when it de-pegged from its intended $1 peg. Terra Classic Labs is aiming to revive the price of USTC by building a strong treasury reserve. The recent acquisition is a major step in this direction.
Potential Rub-off on LUNC Price
The positive sentiment surrounding USTC is also rubbing off on its sister token Terra Classic (LUNC). At the time of writing, LUNC is up 26% to $0.00009825. This is a significant increase for LUNC, which has been struggling in recent months.
Overall, the ongoing rally in USTC and LUNC is a positive sign for both projects. It shows that there is still a strong community of supporters who are committed to reviving the Terra Classic ecosystem.
Here are some of the key takeaways from this article:
- TerraClassicUSD (USTC) is on a massive uptrend today.
- The growth stems from an acquisition of 25.6 million USTC by Terra Classic Labs.
- The acquisition is seen as a vote of confidence in the project.
- The positive sentiment is also rubbing off on Terra Classic (LUNC).
- The ongoing rally is a positive sign for both projects.
- The community of supporters is committed to reviving the Terra Classic ecosystem.
I hope this article was helpful. Please let me know if you have any other questions.
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