USTC’s Value Skyrockets by 137% Following Strategic Investment
TerraClassicUSD (USTC) Price Skyrockets, Erases One Zero
In a surprising turn of events, the price of TerraClassicUSD (USTC) has seen a massive uptrend, propelling it to erase one zero and spike in value. Market data currently places the price of USTC at $0.03568 after the algorithmic stablecoin rallied as high as 137.20% in the past 24 hours. This marks a significant turnaround for a token that had been experiencing stagnant growth in the past week, now extending its gains to 170% in the trailing 7-day period.
Reasons for USTC Breakout
The growth in USTC can be attributed to an update shared by an X user, identified as Trader QT, an Official Partner of Luna Classic Labs. According to Trader QT, Terra Classic Labs has acquired a total of 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 acquisition is part of a different recovery model aimed at reviving the stablecoin’s price, which de-pegged from its intended $1 peg back in May 2022.
The purchase from Terra Classic Labs is expected to bolster USTC’s ultimate goal and serve as a major prop for the stablecoin. Additionally, the investment not only stabilizes liquidity for USTC but also serves as an investment asset that can increase users’ holdings, with the average purchase price pegged at $0.021. This means that Terra Classic Labs has seen its investment jerked up by 76.6% from the token’s current price of $0.0371.
Potential Rub-off on LUNC Price?
Since the fate of USTC is closely tied to its sister token Terra Classic (LUNC), there is a possibility that the ongoing rally in USTC can fuel a revival in LUNC. At the time of writing, the positive sentiment has already rubbed off on LUNC, with the coin soaring by 26% to $0.00009825. This massive uplifting erases the losses it has accrued in the past week and sets it on a path to retest new price levels as the month runs to an end.
Overall, the ongoing rally signifies the efforts of both the USTC and LUNC communities to bring enhanced value to both assets through upgrades and burning, a move that highlights the power of the community in driving the success of these tokens.
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