Strengthening Double Digits, Look at USTC Stablecoin Prices

Liputan6.com, Jakarta – TerraUSD Classic (USTC), the algorithmic stablecoin of the Terra Classic (LUNC) ecosystem is showing significant upside which means there is great interest for this stablecoin.

Reporting from Coingape, Monday (17/7/2023), according to data from CoinMarketCap, the TerraUSD Classic stablecoin rose 25.48 percent over the last 24 hours to USD 0.01624 or the equivalent of IDR 243.58 (assuming an exchange rate of IDR 14,999 per US dollar) .

While it’s still unclear what’s driving the stablecoin’s current resurgence, it’s worth noting the growth appears organic, given the buying momentum overnight.

As per the data, more than USD 92.4 million worth of stablecoins have been traded over the past 24 hours, a figure that has grown by 702 percent.

As a stablecoin pegged to the United States Dollar on a 1 to 1 basis, USTC should trade at USD 1.00. However, since the historic de-pegging event just over a year ago, USTC has been trading significantly lower.

USTC Price Hopes Return to US Dollar Value

With TerraUSD Classic token registering huge price spikes recently, many community members are optimistic the stablecoin can actually build momentum to retest the USD 1.00 price level.

While this is a very ambitious projection, the LUNC community is actively improving its ecosystem to encourage LUNC burning and also encourage innovative programs such as staking which can help revive interest and increase stablecoin accumulation.

With this latest price resurgence, USTC has now been placed on the radar of more traders and needs to be watching for trends in the near term.

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