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- TerraUSD Classic (USTC) and Terra Classic (LUNC) record a significant surge in the last 24 hours in an attempt to retest $1.
- The community in support of Binance is also working to burn a portion of the asset to boost its values.
TerraUSD Classic (USTC) has gained traction with an incredible surge in the last few days to hit $0.01624. In the past 24 hours, USTC has surged by 25.48 percent. Analysts have observed that the growth has been organic as its trading activity in the past day has been interesting. The stablecoin has recorded a 24-hour trading volume of $92.4 million. Percentage-wise, this growth is said to be around 702 percent. This is one of its major moves since de-pegging from the USD more than a year ago. As a stablecoin, USTC is expected to peg to the dollar on a 1:1 basis. However, the asset has been trading far lower at a 52-week high of $0.06. The famous crash of the Terra ecosystem sent the entire crypto market plummeting causing almost all the leading assets to trade at least 60 percent below their all-time highs. Later, the Celsius Network and Voyager Digital bankruptcy caused the extension of the crypto winter.
The recent recovery of USTC has rekindled the hope of a section of the crypto community that the asset may retest the $1 price point. Also, Quant team developers with assistance from the Joint L1 Task Force (L1TF) developer and support from the community would work to send the price back to $1.
Quant team member RedlineDrifter announced Proposal 11597 “USTC / Stable Algo Quant Team” is up for voting.
Terra Classic Bullish
Not just USTC, Terra Classic (LUNC), the original chain of the collapsed ecosystem is also showing bullish signs at a price of $0.000092. As of press time, LUNC was up by 13 percent in the last seven days. With a safety score of 45/100, LUNC has a 24-hour trading volume of $81,429,340 and a market cap of $537,747,158. In the last 24 hours, the asset has surged by 3.6 percent.
One major reason for this surge is linked to the introduction of the LUNC/USTC pair. A section of the LUNC community members has a strong belief that the asset could surge to trade at $0.0001445 by the end of July. This is a 54 percent projection from its current price. According to them, there is a huge possibility that the bull run could be extended to August. By August 31, the asset is expected to hit $0.0001355, a 44 percent surge from its current price.
As part of the effort to revive the Terra ecosystem, the team has decided to initiate a significant token burn. ClassyCrypto, a community member and validator of Classy’s Sphere aims to drive the price back to $1. According to him, there could be a reintroduction of validator burns as part of the plans to burn billions of tokens to boost its price. For now, 100 percent of the commission earned by their validator would be burned for the rest of the year.
Crypto exchange Binance has also decided to show support by burning the spot and margin trading fees linked with the LUNC monthly.
