Crypto asset prices have surged in the last 24 hours, with the global cryptocurrency market capitalisation rising 1.9% to $1.07 trillion today. Surprisingly, the two ‘defeated’ Terra blockchain currencies, now known as terraclassicusd (USTC) and luna classic (LUNC), have seen huge gains. LUNC has risen 8% in the last 24 hours, whereas USTC, a previously stable coin, has risen 42.2% versus the US dollar on Tuesday.
Terra’s Classic Token Sees a Market Revival Following Do Kwon’s Recent Interview
The two coins linked with Terra’s Classic network — terraclassicusd (USTC) and luna classic (LUNC) — rose considerably in value on Tuesday for an unknown cause. The market movements coincide with Do Kwon’s recent interview with Coinage, in which the Terra co-founder discussed the prospect of a mole within the Terra group.
“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.”
Four days later, both USTC and LUNC are up significantly in comparison to a large number of other coins in the crypto industry. The price of LUNC has climbed by 8% today, while USTC has increased by 42.2% in the last 24 hours. Today’s global trading volume has been $65,310,430 for USTC and $60,659,973 for LUNC. In addition to the rise of the old coin, the newest Terra Phoniex network blockchain asset LUNA has risen 9.4% in the last day. However, as compared to the old classic coins, LUNA’s daily volume of $32,205,006 is half that of LUNC’s and USTC’s.
Classic Backers Try to Manifest a $1 USTC in Late August Terra Classic Market Revival Follows the Failed Pump in the First Week of July
According to statistics, OKX is the most active USTC exchange currently, while Kraken is the most active LUNC trading platform. 80.16% of USTC trades are in BUSD, while 18.71% of USTC swaps are in Tether (USDT). While the value of USTC has increased by 42%, it is still far from reaching $1, as it is now trading for $0.0307 per unit. While the reasons for the Terra Classic coin price increases are uncertain, some cryptocurrency supporters are seeking to “manifest [a] $1 USTC.” Some Terra Classic enthusiasts have even proposed a repeg scheme for the once-stable coin USTC.
The Luna classic community is quite active, and they are perhaps considerably more vociferous on social media than LUNA 2.0 enthusiasts. There is a LUNC DAO and a large number of Terra classic-focused social media profiles that promote the old chain and currencies. While proponents of Terra Classic attempted to organize support on Tuesday, the tokens LUNC and UST are still referred to as “scam coins” and the “ultimate Ponzi.” Furthermore, the two Terra classic currencies rose significantly during the first week of July, but prices went flat quickly after the brief rise. During a seven-day span in July, USTC jumped 470% higher.