Will USTC Price Reclaim $1 Mark?
In the final week of November, TerraClassicUSD (USTC) alongside its sister tokens, Terra Classic (LUNC), and Terra (LUNA), surged significantly, capturing widespread attention within the crypto sphere. This remarkable upsurge was catalyzed by the revival efforts of these tokens, particularly highlighted by a strategic investment by Terra-Classic Labs in USTC. As of the current press time, USTC stands at a valuation of $0.0574, marking an impressive intraday increase of 36.45%. However, the lingering question persists: does this surge suffice to re-establish the USTC peg to $1?
Also Read: Terra Luna Classic Community Passes Crucial Proposal; LUNC And USTC Price Skyrockets
USTC Price Escapes From Year-Long Stagnation.
Source- Tradingview
Algorithmic stablecoin TerraClassicUSD USTC, previously known as UST, faced a significant loss of stability leading to a collapse in 2022. The stablecoin’s detachment from its peg to the US dollar triggered a cascading effect that impacted its sister token, LUNA, and caused a breakdown of the Terra-LUNA blockchain ecosystem. Post losing its peg, the price of USTC fell to a low of $0.006 in June 2022.
Following this tumultuous period, the stablecoin value became stagnant for over a year as shown in the above chart. However, the resilience of the Terra Classic community to not give up and revive the tokens to their full functionality has created the hot topic of the day in the crypto market.
In the last three days, the USTC price has surged 390% showcasing a massive leap from $0.01329 to the current value of $0.0652. This massive rally was followed by a recent development highlighted by an X platform user named Trader QT, that Terra Classic Labs has strategically acquired 25.6 million USTC, amounting to approximately $500,000, as part of its Treasury Reserve Policy. This acquisition was made at an average purchase price of $0.021 per USTC.
Thus, the rising USDT price has witnessed a roadblock at the September 2022 peak of $0.07536, indicating that stablecoin is witnessing some hindrance. Analyzing the previous price behavior has shown such a crucial area of interest(AOI), that can obstruct or bolster the USDT goal to $1.
However, the $1 mark is 1400% away from the current price of $0.066, projecting a long road before USTC reaches its destined value.
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