The price of cryptocurrencies saw a rise in the last 24 hours, with the global crypto market capitalisation increasing by 1.9% to £0.90 trillion. Unusual gains have been made by the two so-called ‘dead’ Terra blockchain coins, now known as terraclassicusd (USTC) and luna classic (LUNC). The once-stable coin USTC has spiked by 42.2% versus the US dollar on Tuesday, while LUNC has jumped 8% during the past 24 hours.
The Tuesday’s surprise climb of USTC and LUNC, the coins from Terra’s Classic network, followed Do Kwon’s recent interview with Coinage, during which the Terra co-founder suspected the presence of a mole in the organisation.
“If you’re asking me whether there was a mole at TFL, that’s probably, ‘Yes.’ Whether somebody tried to take advantage of that particular opportunity, I would say that the answer is, ‘Yes.’ But if those opportunities existed, then the blame is on the person that presented those vulnerabilities in the first place,” said Kwon. He went on to add, “I, and I alone, am responsible for any weaknesses that could have been presented for a short seller to start to take profit.”
Compared to a large number of cryptocurrencies in the crypto market, both USTC and LUNC are experiencing huge growth four days later. Today’s global trading volume for USTC was £55,100,000, and £51,200,000 for LUNC. Furthermore, the newest coin on the Terra Phoniex network, LUNA, has jumped 9.4% during the last 24 hours. However, LUNA’s £27,200,000 is just half as large as LUNC’s and USTC’s daily volumes.
According to statistics, Kraken is currently the most active LUNC trading platform, while OKX is the most active USTC exchange. Nearly 18.71% of USTC swaps are paired with USDT, while 80.16% are paired with BUSD. Although the value of USTC has increased by 42%, it is still a long way from reaching £0.84 as it is now trading at £0.026 a unit.
Some proponents of the crypto are striving for a £0.84 USTC, even though the causes of the current spike are unclear. Supporters of Terra Classic have even brought up the idea of a repeg for the formerly stable USTC.
Supporters of the original Luna have a very active online community and are perhaps more outspoken than those of the updated Luna. The classic chain and tokens are supported by the LUNC DAO and a sizable number of Terra classic-focused social media profiles. Additionally, the prices of the two Terra Classic coins considerably increased during the first week of July, but they quickly returned to their previous levels. USTC surged 470% over a seven-day span at that point last month.