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The LUNC and USTC tokens of the Terra classic network, the original Terra chain — which now exists independently of Terra 2.0, a new chain created in the aftermath of Terra's collapse — have surged remarkably in the last 24 hours.
Top crypto exchange Binance announced the listing of a USTC perpetual contract with up to 50x leverage at the week's start, which triggered a 300% price spike for TerraClassic USD (USTC).
Tomiwabold OlajideThe positive sentiment became apparent as LUNC and USTC embarked on a bullish streak. LUNC has been increasing over the weekend after falling to a low of $0.00007359 on Nov. 24. This was followed by a strong surge in price, with UStimeTC reaching a high of $0.000129 on Monday, Nov. 27.
If LUNC ends in the green today, it will be the fifth consecutive day of price advances since Nov. 24.
At the time of writing, Terra Luna Classic LUNC was up 26.2% in the last 24 hours to $0.00012068. The token has increased by 63.9% in the last seven days and by 82.7% over the last month. However, it is still down 25% year over year.
Terra Classic USD, or USTC, has also been on a strong bullish streak since the weekend. The USTC price began a run on Nov. 25, just after what seemed to be a golden cross on its chart. This was followed by sharp price increases, with USTC reaching a high of $0.078 on Nov. 27 before succumbing to profit-taking.
Following that, USTC recovered some of its losses, reaching intraday highs of $0.0635 in Wednesday's trading session.
USTC was up 36.6% in the last 24 hours to $0.054672 at the time of writing, having increased by 319.6% in the last seven days. According to CoinGecko data, the former UST stablecoin has gained 347.3% in the last 30 days and 163.5% year to date.
In September, the Terra Classic community chose to discontinue minting and reminting USTC, which was at the heart of Terra's implosion in May 2022.
Arman Shirinyan
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin