TerraClassicUSD (USTC) Experiences Meteoric Surge, Market Capitalization Skyrockets to $571 Million
TerraClassicUSD (USTC), a cryptocurrency that has recently witnessed an astonishing growth rate, has seen its price catapult to $0.06579, marking an exceptional surge from a low of $0.0167 within the past 24 hours. This surge in price has propelled USTC’s market capitalization to an impressive $571,801,371, reflecting a staggering 301% increase.
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Bullish On-Chain Metrics and Trading Volume Records
One of the most notable on-chain metrics showcasing USTC’s bullish momentum is the trading volume, which has soared by an astounding 2219.51% to reach $1,220,347,572. Despite being the 76th largest cryptocurrency by market cap, USTC’s trading volume has now positioned it as the 7th largest in the industry, surpassing major coins like Cardano (ADA), Shiba Inu (SHIB), and Litecoin (LTC).
Triggers for the Surge
The unprecedented surge in the TerraClassicUSD price can be attributed to two major factors. Firstly, Terra Classic Labs made a strategic $500,000 investment to acquire 25.6 million USTC at an average price of $0.021. This move, in accordance with Terra Classic Labs’ Treasury Reserve Policy, has seen the investment grow to a staggering $1,637,632, marking a more than 3x increase.
Secondly, Binance Futures has announced plans to list USTC, signalling a rare move towards embracing the stablecoin. The upcoming USDⓈ-M USTC Perpetual Contract, set to commence trading on November 27 by 12:30 UTC, will provide traders with access to about 50x leverage.
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USTC’s Path to $1?
Analysts are optimistic about USTC’s potential to regain lost momentum, considering its impressive performance over the past 24 hours. Since its de-pegging in 2020 and the subsequent challenges faced by the Terra ecosystem, concerted efforts have been made to rejuvenate both LUNC and USTC.
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.
— 0xEars (@0x_Ears) November 26, 2023
One key initiative involves the proposal to safely enable the market module, which was deactivated in May 2022. The potential reactivation, coupled with new amendments to enhance safety, reflects ongoing efforts to strengthen USTC’s position in the market.
While reaching the $1 mark may seem elusive in the near term, the current surge in transaction counts and positive market sentiments suggest that optimism is returning to the Terra ecosystem. Analysts are cautiously optimistic, hinting at the possibility of surprises awaiting the USTC community in the near future. Investors and enthusiasts are eagerly watching for further developments as USTC continues its remarkable journey in the cryptocurrency market.
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Michael Onche: Crypto aficionado and seasoned analyst. With a keen eye for market trends and a passion for blockchain technology, he deciphers the intricacies of cryptocurrency with precision. Michael’s expertise and insightful content make him a trusted guide for navigating the dynamic world of digital assets.
