By
Bhushan Akolkar
April 30th, 2024
The recent price surges seen in both the USTC and LUNC, once again highlight the undying resolve and commitment of the Terra Classic community to bring value to both assets.
Algorithmic stablecoin TerraClassicUSD (USTC) has received a massive boost in the last 24 hours, posting over 283% gains within the period. As of publication, CoinMarketCap data showed the USTC price standing at $0.6279, as it continues to make an impressive effort toward reclaiming its peg to the US dollar.
Recall that the USTC stablecoin lost its dollar peg back in May 2022. Since then, Terra Classic Labs (TCL) has put in place a recovery model that may now just be proving successful.
Why Is USTC Stablecoin Surge?
A surge as high as seen in USTC’s ongoing rally certainly begs some questions. And an X user identified as Trader QT, has attempted to shed more light on it. Trader QT, who claims to be an Official Partner of Luna Classic Labs, revealed that TCL recently acquired 25.6 million USTC for about $500,000. That is at an average price of $0.021 per USTC. Per the source, TCL made the strategic investment as part of its Treasury Reserve Policy.
So, while the purchase was enough to send USTC prices to the moon, it also may have just revived the entire Terra Classic ecosystem.
Interestingly, the surge in USTC’s value has also rubbed off on its sister token Terra Classic (LUNC). As of publication, LUNC was seen feeding off the ongoing USTC rally. It had added an over 57% gain of its own in the last 24 hours to stand at $0.0001237.
For what it’s worth, the recent price surges seen in both the USTC and LUNC, once again highlight the undying resolve and commitment of the Terra Classic community to bring value to both assets. But more importantly, it also showcases the height of influence that community action can exert in shaping digital asset trajectories, albeit on a broader scale.
Overall, there is now positive sentiment around the recovery of both assets after what seemed like an actionless past week.