{"id":562584,"date":"2023-11-27T09:30:22","date_gmt":"2023-11-27T09:30:22","guid":{"rendered":"https:\/\/ktsl888.com\/?p=562584"},"modified":"2024-06-11T07:22:12","modified_gmt":"2024-06-11T07:22:12","slug":"terra-classic-ustc-rise-300","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/terra-classic-ustc-rise-300\/","title":{"rendered":"Road To $1: Why Did Terra Classic (USTC) Rise 300% In One Day?"},"content":{"rendered":"

TerraClassicUSD (USTC), the algorithmic stablecoin tied to the LUNA ecosystem, recently went on an upward trajectory to register gains of over 300%. In a stunning cascade of events, the token\u2019s price spike in the past 24 hours has left investors wondering about the implication for Terra Classic (LUNC) and the potential revival of the LUNA ecosystem.<\/span><\/p>\n

USTC Coin Spikes 300% In One Day<\/h2>\n

USTC has lost most of its usefulness as a stablecoin <\/span>since its implosion in 2022<\/span><\/a> when it was known as UST. The stablecoin <\/span>lost its peg to the US dollar<\/span><\/a> which resulted in a chain of events that led to its sister token, LUNA, also losing most of its value and the demise of the Terra-LUNA blockchain ecosystem. After it lost its peg to the US dollar, the stablecoin was rebranded as UST Classic <\/span>and its value fell<\/span><\/a> to as low as $0.01.<\/span><\/p>\n

Related Reading: XRP Price May Recapture 61,000% Surge Seen In 2017, Analyst Claims<\/a><\/div>\n

It’s already been more than a year since the crash, but it looks like the token and some members of the LUNA ecosystem are not ready to give up yet. The latest price action has seen the token spike 300% from $0.01569 to $0.0755 in the past 24 hours. The catalyst for this surge can be attributed to Terra Classic Labs (TCL), a LUNC community project.<\/span><\/p>\n

Terra Classic Labs was created in October 2023 by some members of the former thriving LUNA ecosystem. According <\/span>to its website<\/span><\/a>, it is dedicated to supporting new LUNC projects for the revival of the Terra ecosystem.<\/span><\/p>\n

In a social media post by Trader QT, an official partner of Luna Classic Labs, the team made a massive purchase of approximately 25.6 million USTC for $500,000 at an average price of $0.021 per $USTC. This move sent USTC spiking, fueling hopes that Terra Classic Labs can help revive and stabilize the cryptocurrency.<\/span><\/p>\n

\n

I can confirm that today, in an initial strategic investment, Luna Classic Labs has purchased approximately 25.6m $USTC<\/a> for $500k in accordance with its Treasury Reserve Policy, at an average price of approximately $0.021 per $USTC<\/a>.<\/p>\n

\u2014 Trader QT (@0x_Ears) November 26, 2023<\/a><\/p><\/blockquote>\n

Can Terra Classic Return To $1?<\/h2>\n

Although the move by Terra Classic Labs sent USTC on a surge, the stablecoin is still trading at $0.0516, far from a $1 price point. The crypto will have to register another gain of 1837% from its current price before it can regain its peg to the US dollar, showing how far behind it is.<\/span><\/p>\n

The recent price action however did have some sort of bullish action on Terra Classic LUNC, as it has also spiked by 25% in the past 24 hours. Terra Classic is trading at $0.0001004 at the time of writing.<\/span><\/p>\n

Related Reading: Whales Move $30 Million Worth Of XRP To Exchanges \u2013 Time To Sell?<\/a><\/div>\n

Although the Terra Classic community <\/span>hasn’t given up on the cryptocurrency<\/span><\/a>, the LUNA ecosystem has since rebranded and moved from Terra Classic LUNC <\/span>to a new chain<\/span><\/a> (Terra 2.0) with its own <\/span>native token called LUNA<\/span><\/a>.\u00a0<\/span><\/p>\n

It would seem LUNA also reacted positively to the TerraClassicUSD surge as data from Coinmarketcap shows LUNA has increased by 17.8% in the past 24 hours and is now trading at $0.79.<\/span><\/p>\n

\"USTC<\/p>\n

Token price makes 300% run | Source: USTC\/USDT on Tradingview.com<\/a><\/pre>\n
Featured image from Vecteezy, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
TerraClassicUSD (USTC), the algorithmic stablecoin tied to the LUNA ecosystem, recently went on an upward trajectory to register gains of over 300%. In a stunning cascade of events, the token\u2019s price spike in the past 24 hours has left investors wondering about the implication for Terra Classic (LUNC) and the potential revival of the LUNA ecosystem. USTC Coin Spikes 300% In One Day USTC has lost most of its usefulness as a stablecoin since its implosion in 2022 when it was known as UST. The stablecoin lost its peg to the US dollar which resulted in a chain of events that led to its sister token, LUNA, also losing most of its value and the demise of the Terra-LUNA blockchain ecosystem. After it lost its peg to the US dollar, the stablecoin was rebranded as UST Classic and its value fell to as low as $0.01. Related Reading: XRP Price May Recapture 61,000% Surge Seen In 2017, Analyst Claims It’s already been more than a year since the crash, but it looks like the token and some members of the LUNA ecosystem are not ready to give up yet. The latest price action has seen the token spike 300% from $0.01569 to $0.0755 in the past 24 hours. The catalyst for this surge can be attributed to Terra Classic Labs (TCL), a LUNC community project. Terra Classic Labs was created in October 2023 by some members of the former thriving LUNA ecosystem. According to its website, it is dedicated to supporting new LUNC projects for the revival of the Terra ecosystem. In a social media post by Trader QT, an official partner of Luna Classic Labs, the team made a massive purchase of approximately 25.6 million USTC for $500,000 at an average price of $0.021 per $USTC. This move sent USTC spiking, fueling hopes that Terra Classic Labs can help revive and stabilize the cryptocurrency. I can confirm that today, in an initial strategic investment, Luna Classic Labs has purchased approximately 25.6m $USTC for $500k in accordance with its Treasury Reserve Policy, at an average price of approximately $0.021 per $USTC. \u2014 Trader QT (@0x_Ears) November 26, 2023 Can Terra Classic Return To $1? Although the move by Terra Classic Labs sent USTC on a surge, the stablecoin is still trading at $0.0516, far from a $1 price point. The crypto will have to register another gain of 1837% from its current price before it can regain its peg to the US dollar, showing how far behind it is. The recent price action however did have some sort of bullish action on Terra Classic LUNC, as it has also spiked by 25% in the past 24 hours. Terra Classic is trading at $0.0001004 at the time of writing. Related Reading: Whales Move $30 Million Worth Of XRP To Exchanges \u2013 Time To Sell? Although the Terra Classic community hasn’t given up on the cryptocurrency, the LUNA ecosystem has since rebranded and moved from Terra Classic LUNC to a new chain (Terra 2.0) with its own native token called LUNA.\u00a0 It would seem LUNA also reacted positively to the TerraClassicUSD surge as data from Coinmarketcap shows LUNA has increased by 17.8% in the past 24 hours and is now trading at $0.79. Token price makes 300% run | Source: USTC\/USDT on Tradingview.com Featured image from Vecteezy, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":562596,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[83641,65698,86254,90450,86791,90449,90448,90447],"class_list":["post-562584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-luna","tag-terra","tag-terra-classic","tag-terra-news","tag-ustc","tag-ustc-news","tag-ustc-peg","tag-ustc-price"],"acf":[],"yoast_head":"\nRoad To $1: Why Did Terra Classic (USTC) Rise 300% In One Day?<\/title>\n<meta name=\"description\" content=\"TerraClassicUSD (USTC), the algorithmic stablecoin, recently went on an upward trajectory to register gains of over 300%.\" \/>\n<meta name=\"robots\" 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Road To $1: Why Did Terra Classic (USTC) Rise 300% In One Day?","url":"http:\/\/ktsl888.com\/news\/terra-classic-ustc-rise-300\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/terra-classic-ustc-rise-300\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/11\/USTC.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/11\/USTC.jpeg?fit=1920%2C1095"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["luna","terra","terra classic","terra news","ustc","ustc news","ustc peg","ustc price"],"dateCreated":"2023-11-27T09:30:22Z","datePublished":"2023-11-27T09:30:22Z","dateModified":"2024-06-11T07:22:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Road To $1: Why Did Terra Classic (USTC) Rise 300% In One Day?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/terra-classic-ustc-rise-300\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/terra-classic-ustc-rise-300\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/USTC.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/USTC.jpeg?fit=1920%2C1095\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"luna\",\"terra\",\"terra classic\",\"terra news\",\"ustc\",\"ustc news\",\"ustc peg\",\"ustc price\"],\"dateCreated\":\"2023-11-27T09:30:22Z\",\"datePublished\":\"2023-11-27T09:30:22Z\",\"dateModified\":\"2024-06-11T07:22:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/11\/USTC.jpeg?fit=1920%2C1095","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/562584"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=562584"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/562584\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/562596"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=562584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=562584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=562584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}