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In a surprising turn, TerraClassicUSD (USTC) is experiencing a significant surge today, making a remarkable move to eliminate one zero. Surprisingly, Binance announced a USTC perpetual contract with up to 50x leverage a day after the massive upside move supported by huge trading volumes.
Reasons for USTC Breakout
At the time of writing, market data places the price of USTC at $0.0628 after the algorithmic stablecoin rallied as high as 300% 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 370% 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 Luna Classic Labs as part of its Treasury Reserve Policy at an average purchase price of $0.021 per USTC.
The USTC stablecoin which de-pegged from its intended $1 peg back in May 2022 has been placed on a different recovery model aimed at reviving its price. This latest acquisition from Terra Classic Labs might bolster this ultimate goal and serve as a major prop for the stablecoin.
As a key outfit helping to rebalance the lost luster of the Terra Classic brand, the exact motives of Terra Classic Labs motives are clear and besides stabilizing liquidity for USTC, there is an obvious benefit advantage. Since losing its peg, USTC now serves as an investment asset that can increase user’s holdings.
With the average purchase price pegged at $0.044, Luna Classic Labs has seen its investment jerked up by 76.6% from the token’s current price of $0.0371.
Potential Rub-off on LUNC Price?
Since the fate of USTC is tied to that of its sister token Terra Classic (LUNC), there is a possibility the ongoing rally in the former can fuel a revival in the latter.
At the time of writing, the positive sentiment has rubbed off on LUNC with the coin soaring by 50% to $0.0001. This massive uplifting erases the losses it has accrued in the past week and sets it on a path to retest new price levels as the month runs to an end.
Overall, the ongoing rally underscores the effort of both the USTC and LUNC communities to bring enhanced value to both assets through upgrades upgrades, and burning, a move that underscores the power of the community.
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