In an extraordinary weekend for the cryptocurrency market, Terra Classic (LUNC) and USTC have recorded significant price increases, outperforming many major cryptocurrencies. USTC witnessed a dramatic 150% surge in the past 24 hours, while LUNC experienced a substantial 25% growth. This remarkable upturn is a testament to the Terra Classic community’s persistent efforts to rejuvenate these tokens following their collapse over a year ago.
A key development in this resurgence was the community’s decision to halt the minting of USTC, aiming to re-peg the token to the US dollar and enhance its adoption. The community also engaged Algo Quant, an algorithmic trading firm, to manage the re-pegging process of USTC to USD. Additionally, plans for USTC burning were proposed to aid this re-pegging.
This revival comes after a significant setback last year when USTC depegged from the USD, triggering a severe downturn in the crypto market. The depegging occurred due to an exploit in its algorithmic model, which was designed to maintain parity with the USD, resulting in a loss exceeding $44 billion.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.