TerraClassicUSD (USTC) Price Soars by 170% in a Dramatic Uptrend
In a dramatic turn of events, the price of TerraClassicUSD (USTC) has experienced a massive uptrend, surging by an impressive 170% in the past 7 days. The latest rally has seen the algorithmic stablecoin make a significant move to erase one zero, bringing its price to $0.03568, marking a 137.20% increase in the last 24 hours.
Reasons for USTC Breakout
The surge in USTC’s price can be attributed to an update from Trader QT, an Official Partner of Luna Classic Labs, who revealed that Terra Classic Labs had acquired 25.6 million USTC, worth about $500,000, as part of its Treasury Reserve Policy at an average purchase price of $0.021 per USTC. This significant acquisition is aimed at reviving the price of the USTC stablecoin, which de-pegged from its intended $1 peg back in May 2022.
With Terra Classic Labs helping to rebalance the lost luster of the Terra Classic brand, the motives behind their acquisition are clear. Besides stabilizing liquidity for USTC, the purchase serves as an investment asset that can increase user’s holdings. Furthermore, with an average purchase price of $0.021, the investment has seen a 76.6% increase from the token’s current price of $0.0371.
Potential Rub-off on LUNC Price
As the fate of USTC is linked to its sister token Terra Classic (LUNC), the ongoing rally in USTC could potentially fuel a revival in LUNC. At the time of writing, LUNC has seen a positive sentiment with the coin soaring by 26% to $0.00009825. This significant jump has erased the losses it has incurred in the past week and sets it on a path to retest new price levels by the end of the month.
Overall Impact
The ongoing rally in both USTC and LUNC underscores the efforts of their communities to bring enhanced value to both assets through upgrades and burning. The positive developments indicate the power of the community to drive the value of these tokens.
In summary, the significant uptrend in the price of USTC, fueled by Terra Classic Labs’ strategic acquisition, has not only erased previous losses but also set the stablecoin and its sister token LUNC on a path towards potential price revival and increased value in the near future.
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