all about cryptop referances
Over the past 24 hours, crypto asset prices have improved as the global cryptocurrency market capitalization today rose 1.9% to $1.07 trillion. Interestingly, the two so-called “defeated” Terra blockchain tokens, now called terraclassicusd (USTC) and luna classic (LUNC), have seen significant gains. LUNC has climbed 8% higher in the last 24 hours and the once stable coin USTC jumped 42.2% higher against the US dollar on Tuesday.
For some mysterious reason, the two coins associated with Terra’s Classic network – terraclassicusd (USTC) and luna classic (LUNC) increased significantly in value on Tuesday. The market moves follow Do Kwon’s recent interview with Coinage, when the Terra co-founder talked about the possibility of a mole in the Terra organization.
“If you ask me if there was a mole at TFL, it’s probably ‘Yes.’ Whether someone tried to take advantage of that particular opportunity, I’d say the answer is ‘Yes.’ presented these vulnerabilities in the first place,” Kwon explained in the interview. “I, and I alone, am responsible for any weaknesses that could have been presented for a short seller to start making money.”
Four days later, both USTC and LUNC are seeing significant gains compared to a large number of coins within the crypto-economy. LUNC’s price jumped 8% higher today and USTC has gained 42.2% in the last 24 hours. USTC has seen $65,310,430 in global trading volume today, while LUNC has seen $60,659,973. In addition to the classic coin rising, the newest Terra Phoniex network blockchain asset LUNA has increased by 9.4% in the last day. However, compared to the old classic coins, LUNA’s $32,205,006 is half of LUNC’s and USTC’s daily volume.
Statistics show that OKX is the most active USTC exchange today, while Kraken is the best LUNC trading platform in terms of activity. 80.16% of USTC trades are paired with BUSD, while 18.71% of USTC swaps are paired with tether (USDT). While USTC has climbed 42% in value, it is nowhere near reaching $1 as it is now trading at $0.0307 per unit. While the reasons behind Terra Classic coin spikes are unknown, some crypto devotees are trying to “manifesto [a] $1 USTC.” Some Terra classic supporters even have discussed a kind of repeg concept for the once stable coin USTC.
Someone who knows why $USTC Have you pumped today?
— BigDaddySherman (@BigDaddySherma2) 23 August 2022
Luna classic supporters have a very active community and are arguably far more vocal on social media than LUNA 2.0 supporters. There is a LUNC DAO and a large number of Terra classic-centric social media accounts that support the old chain and old tokens. While the Terra Classic supporters have been trying to rally support on Tuesday, the tokens LUNC and UST are still being referred to as “scam coins” and “ultimate Ponzi.” Furthermore, during the first week of July, the two classic Terra coins pumped significantly, but prices fell flat shortly after the brief surge. At that time in July, USTC climbed 470% higher in a seven-day period.
What do you think of UST’s and LUNC’s latest jump in value? Let us know what you think about this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
