In the past 24 hours, there has been a notable increase in the value of the LUNC and USTC tokens of the Terra classic network, which is the original chain of Terra that still exists apart from Terra 2.0, a new chain formed following Terra’s collapse.
TerraClassic USD (USTC) had a 300% price increase after leading cryptocurrency exchange Binance announced the launch of a USTC perpetual contract with up to 50x leverage at the beginning of the week.
The upbeat feeling was evident as USTC and LUNC started to rise. Over the course of the weekend, LUNC has been rising after hitting a low of $0.00007359 on November 24. The price thereafter had a significant increase, with UStimeTC hitting a high of $0.000129 on Monday, Nov. 27.
It will be the fifth straight day of price increases for LUNC if it closes the day higher than it started on November 24.
Terra Luna Classic LUNC was up 26.2% over the previous day to $0.00012068 at the time of writing. Over the last month, the token has gained 82.7%, and in the previous seven days, it has climbed by 63.9%. Still, it has decreased by 25% from the previous year.
Since the weekend, Terra Classic USD, or USTC, has also seen a significant surge in price. On Nov. 25, the USTC price started to surge immediately following what seemed to be a golden cross on its chart. Sharp price gains ensued, with USTC hitting a peak of $0.078 on November 27 before capitulating to profit-taking.
After that, USTC somewhat recovered its losses and closed Wednesday’s trading session at an intraday high of $0.0635.
USTC had risen 319.6% over the previous seven days and was up 36.6% over the past 24 hours to $0.054672 at the time of writing. The previous UST stablecoin has increased by 347.3% over the past 30 days and 163.5% year to date, according to CoinGecko statistics.
The core of Terra Classic’s collapse in May 2022 was the decision made by the community in September to stop minting and reminting USTC.
