Regardless of the fact that the entire cryptocurrency market is in the red zone today, the failing USTC stablecoin (UST Classic) from the controversial Terra program is up 90%.
USTC lost its peg to the US dollar in the month of May and went beneath the level of one dollar. However, through its quick development, the stablecoin helped to restore the prices of LUNC (Luna Classic), another crashed currency of the Terra community.
USTC is currently selling at 0.074, with a surge of 159% in the last 24hrs and more than 850% in the last three days. Besides, LUNC is currently trading at 0.000132, up by 42% over the last 24hrs and more than 170% since Monday.
Internet Buzz: The Reason For LUNC & USTC Price Surge?
It is unknown what prompted such dramatic price fluctuations. Everybody appears to have forgotten about Terra, and the little attention the project had in the press and on media platforms, which was related to controversial Terraform Labs CEO, Do Kwon.
Nonetheless, social media is indeed buzzing with support for the allegedly dissolved USTC and LUNC. The networks are buzzing with rumors and intriguing speculations regarding the expected recovery of the USTC peg to the dollar, as well as the involvement of major market participants in such an exceptionally beneficial development.
Surprisingly, the reports also include the possibility of the USTC pegging to the cent rather than the dollar.
It is unclear how this narrative will conclude, but cryptocurrency traders saw similar moves towards May end when Terra plummeted. In any event, it is important to proceed cautiously, also it is best to not engage in such transactions at all.
LUNC See Surge In Its Holders
On the other hand, Terra Luna Classic (LUNC) is now accepted in the StartShip Universe metaverse. The official Tweet also confirmed that 1.2% of all LUNC payments will be burnt.
Also per the crypto market tracker CoinMarketCap, the proportion of LUNC holders increased somewhat about the same time as the costs of LUNC and USTC started to rise. The ratio of LUNC owners grew from 10,306 to 10,349 between June 26 and June 29. This is a 0.41% surge in the number of LUNC holders.
Experts believe that the sentiment of FOMO is fairly high in the market, thus no investor may choose to lose a chance if the cryptocurrency becomes optimistic again.
If Terra’s price increase is true, then the future weeks will see bullish price surges, perhaps making Terra’s recovery the major success narrative in the existence of the crypto market.