By Peter Bergman (MoneyAmped.com)
USTC, the algorithmically-driven stablecoin in the LUNC environment, is going through a fantastic parabolic surge. This shows that the market is getting very excited about this stablecoin again and how the stablecoin is collected.
The Traditional Course of the TerraUSD Run
Based on the latest data obtained from CoinMarketCap, it is worth noting that the TerraUSD has experienced a significant surge in value within just 24 hours. Impressively, it has witnessed a remarkable increase of 25.48%, propelling its price to a noteworthy $0.01624. This substantial growth is undoubtedly an exciting development for investors and enthusiasts alike, as it showcases the potential and attractiveness of TerraUSD Classic as a stablecoin option in the ever-evolving cryptocurrency market.
While it remains somewhat uncertain and lacks clarity as to what is fueling the current resurgence in the stablecoin market, it is essential to acknowledge and highlight that this growth is occurring naturally and organically. The mystery behind the rise in demand for stablecoins may be better understood by looking at the buying activity throughout a single night.
According to the data that is currently accessible, an astounding quantity of transactions involving the stablecoin totaling more than $92.4 million has occurred over the previous twenty-four hours. This figure showcases a remarkable growth rate of 702%, indicating a significant surge in trading activity. The widespread adoption and acceptance of the stablecoin have undeniably contributed to its incredible rise in value, propelling it to reach its highest price point in over a month.
This unprecedented level of support and trust from users and investors alike has undoubtedly played a pivotal role in the stablecoin’s meteoric rise, solidifying its position as a prominent player in the ever-evolving cryptocurrency market. With its newfound popularity and soaring price, the stablecoin has undoubtedly captured the attention of seasoned traders and newcomers, further cementing its status as a force to be reckoned with in the digital currency realm.
USTC (United States Dollar Tether Coin) is a stablecoin pegged to the value of the US Dollar at a 1:1 ratio and is thus expected to trade for $1. However, it is worth noting that USTC has experienced a significant deviation from its intended pegging since its historic de-pegging event, which took place over a year ago. As a result, the trading value of USTC has consistently remained considerably lower than its intended peg, with its highest recorded price in the past 52 weeks reaching only $0.06.
This deviation from the expected trading range has raised concerns and garnered attention within the cryptocurrency community, as it highlights the challenges and risks associated with maintaining a stablecoin’s peg to a specific fiat currency. The de-pegging of TerraUSD Classic, a significant event in the digital currency ecosystem, has had far-reaching consequences that continue to reverberate even to this day. Various stakeholders and participants have felt the repercussions of this momentous decision, causing many pangs and disruptions throughout the broader digital currency landscape.
The profound impact of this de-pegging event cannot be overstated, as it has triggered a chain reaction of consequences that have rippled through the industry, leaving a lasting imprint on the collective consciousness of those involved. The aftershocks of this decision continue to resonate as a constant reminder of the intricate interconnectedness and fragility of the digital currency ecosystem.
Not only did the value of its linked cryptocurrency, Terra Classic, plummet by more than 99.9 percent, but several Web3.0 companies with ties to parent business Terraform Labs went bankrupt. The series of unfortunate events that unfolded within the cryptocurrency industry had a profound impact on various prominent entities.
The whole crypto landscape was thrown into turmoil due to the terrible circumstances of bankruptcy encountered by Celsius Network, followed by the arduous voyage of Voyager Digital and ending in the disastrous implosion of FTX Derivatives Exchange. FTX Derivatives Exchange was the last event that precipitated this state of affairs. These unfortunate circumstances exacerbated the already challenging conditions of the crypto winter and had far-reaching consequences for the industry as a whole.
The repercussions of these events were felt by investors, traders, and enthusiasts alike, as confidence in the stability and reliability of the cryptocurrency market was severely shaken. The prolonged and complex nature of these interconnected incidents only prolonged the crypto winter, leaving stakeholders grappling with uncertainty and a sense of unease.
1:1 Repeating Hopes?
Since the TerraUSD Classic token’s price has gone up a lot recently, there is a general feeling of hope in the community that this stablecoin may be gaining the energy it needs to try again to reach the highly regarded $1 price level.
In light of this bold prediction, the LUNC community is working hard to revitalize its ecosystem to speed up the burning of LUNC and launch innovative projects like staking, which can bring back interest and speed up the gathering of this safe coin.
Due to the recent price rise, USTC has undoubtedly caught the attention of many intelligent traders. Its long-term trend should be carefully watched shortly.
