USTC Price Surges by 170% in a Massive Uptrend
Reasons for USTC Breakout
In a dramatic turn of events, the price of TerraClassicUSD (USTC) has experienced a significant uptrend, with the token making an impressive move to erase one zero. Market data currently places the price of USTC at $0.03568, representing a staggering 170% gain in the trailing 7-day period.
The sudden surge in price can be attributed to an update shared by Trader QT, an Official Partner of Luna Classic Labs. He revealed that Terra Classic Labs has acquired 25.6 million USTC, worth around $500,000, as part of its Treasury Reserve Policy at an average purchase price of $0.021 per USTC. This acquisition is part of the company’s efforts to revive the price of the USTC stablecoin, which de-pegged from its intended $1 peg back in May 2022. The purchase from Terra Classic Labs is expected to bolster the stablecoin’s recovery model and contribute to its ultimate goal of price stabilization.
With the average purchase price of USTC pegged at $0.021, Terra Classic Labs has already seen its investment increase by 76.6% from the token’s current price of $0.0371.
Potential Rub-off on LUNC Price?
As USTC and Luna Classic (LUNC) tokens are closely linked, the ongoing rally in USTC may have a positive impact on the price of LUNC. At the time of writing, the positive sentiment surrounding USTC has indeed influenced LUNC, with the token surging by 26% to $0.00009825. This significant increase has helped LUNC recover from previous losses and has set it on a path to test new price levels as the month comes to a close.
In conclusion, the recent rally highlights the efforts of both the USTC and LUNC communities to enhance the value of both assets through upgrades and burning. This collaborative effort underscores the influence of the community in driving positive developments within the ecosystem.
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.
