Over the last 24 hour, cryptocurrency asset prices improved. The current global crypto market capitalization increased 1.9% and now stands at $1.07 trillion. Interestingly, the two so-called ‘defeated’ Terra blockchain tokens, now called terraclassicusd (USTC) and luna classic (LUNC), have seen significant gains. LUNC is up 8% in the last 24 hours, while the USTC (once-stable) has jumped 42.2% against the dollar.
Following Do Kwon’s Recent Interview, Terra’s Classic Token See a Market Revival
For some mysterious reason, the two coins associated with Terra’s Classic network — terraclassicusd (USTC) and luna classic (LUNC) jumped significantly in value on Tuesday. The market moves follow Do Kwon’s recent interview with Coinage as the Terra co-founder spoke about the possibility of a mole within the Terra organization.
“If you’re asking me whether there was a mole at TFL, that’s probably, ‘Yes.’ Whether somebody tried to take advantage of that particular opportunity, I would say that the answer is, ‘Yes.’ But if those opportunities existed, then the blame is on the person that presented those vulnerabilities in the first place,” Kwon explained in his interview. “I, and I alone, am responsible for any weaknesses that could have been presented for a short seller to start to take profit.”
Just four days later, USTC and LUNC have seen significant gains compared with a large number of crypto coins. LUNC’s price jumped 8% higher today, and USTC has increased 42.2% during the last 24 hours. USTC today saw $65,310,000.430 of global trading volume, while LUNC had $60,659,973. In addition to the classic coin’s rising, the newest Terra Phoniex network blockchain asset LUNA is up 9.4% during the last day. Compared to the old classic coins, however, LUNA’s $32,205,006 is half the size of LUNC’s and USTC’s daily volume.
Classic Supporters Strive to Create a $1 USTC. Late August Terra Classic Market Rebirth Follows the Failed Pump in the First Week Of July
Statisticians show that OKX, the largest USTC trading exchange is active today. Kraken however is the biggest LUNC trading platform by activity. USTC trades have 80.16% paired to BUSD and 18.71% with USDT. The USTC is currently trading at $0.0307 per Unit, despite a 42% increase in its value. Some crypto enthusiasts are speculating on the causes of the Terra classic coin spikes. attempting to “manifest [a] $1 USTC.” Some Terra classic supporters have even discussedSome sort of repeg for the USTC, once stable coin
Anybody know why? $USTCIs the pumping on today?
— BigDaddySherman (@BigDaddySherma2) August 23, 2022
Luna classic fans are a vibrant community. They have arguably more social media followers than LUNA 2.0. There’s a LUNC DAO and a great number of Terra classic-centric social media accounts supporting the old chain and old tokens. While the Terra classic supporters have been trying to rally support on Tuesday, the tokens LUNC and UST are still referred to as “scam coins” and the “ultimate Ponzi.” Furthermore, during the first week of July, the two Terra classic coins pumped significantly but prices fell flat shortly after the brief rise. In July of that year, USTC rose 470% in a span of seven days.
What do you think about UST’s and LUNC’s recent jumps in value? Comment below and let us know how you feel about the subject.
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