TerraClassicUSD (USTC) has experienced a significant boost in its price recently. In an unexpected turn of events. The surge in prices, which has increased up to 137%, has resulted in the elimination of one zero from its value. Moreover, this sudden boost has come after a period of slowdown, and there are several reasons behind it.
The USTC Breakout
As of the latest market data, the price of USTC currently stands at $0.03568, marking a staggering 137.20% increase in the past 24 hours. Additionally, over the last seven days, USTC has not only recovered its previous losses but has also recorded a remarkable 170% gain.
Furthermore, Trader QT, a recognized partner of Luna Classic Labs, made a statement in relation to this surge. According to his disclosure, Terra Classis Labs has acquired a total of 25.6 million USTC tokens. Besides, these are equal to approximately $500,000 as part of its Treasury Reserve Policy.
What’s more, these tokens were purchased at an average price of $0.021 per USTC. The USTC stablecoin, which deviated from its intended $1 peg in May 2022, has been undergoing a unique recovery strategy to boost its value. Not to mention, the recent acquisition is expected to play an important role in achieving this goal.
Terra Classic Labs, being a key player in the efforts to restore Terra Classic’s reputation, has clearly stated its goals. Besides, there is an advantage for users since USTC has become an investment asset. The firm has already seen a 76.6% increase in the value of its investment. Considering the current USTC price of $0.0371.
Potential Impact on LUNC Price
Given the connection between USTC and Terra Classic (LUNC), there is a strong possibility that the ongoing USTC rally could fuel a revival in LUNC’s value. Also, the positive sentiment surrounding USTC has already influenced LUNC’s price. The price has now increased by 26% to $0.00009825.
Subsequently, this increase has erased losses over the past week and also added to further price exploration. Finally, the recent surge in USTC highlights the efforts of the USTC and LUNC communities to improve the value of these assets. Also, this collaborative approach shows the strength of the community and its determination. They aim to bring about positive changes in the cryptocurrency landscape.