Terra Classic USD Sees Impressive Price Surge
The price of Terra Classic USD (USTC) experienced a remarkable 157.97% surge in just 24 hours, reaching approximately $0.04078, with a significant increase in trading volume. Terra Classic (LUNC) also saw a 21% price rise during the same period.
Reasons Behind the Surge
These gains could be attributed to recent developments by Terra, including plans to integrate the FeeShare module, which aims to reward contributors to the Terra network. Additionally, Terraform Labs injected $15 million into the ecosystem to enhance liquidity for assets like bitcoin and ethereum on its decentralized exchanges.
USTC Price Surge
Over the past 24 hours, USTC experienced a significant surge in price, making it one of the top trending cryptocurrencies. This resulted in a 157.97% increase in value, reaching approximately $0.04078. The intraday volume also saw a massive increase of over 2,000% since the previous day, reaching around $691.21 million. Its positive price performance throughout the past 24 hours also pushed its weekly performance up to around +207.81%.
Terra Classic Price Surge
LUNC also experienced a surge in price, with an increase of more than 21% throughout the past 24 hours. This led to a value of about $0.00009453 at press time.
Recent developments by Terra, such as the integration of the FeeShare module and the capital injection by Terraform Labs, are likely contributing to the surge in prices of both USTC and LUNC.
Terraform Labs injected about $15 million in capital into the ecosystem to enhance liquidity for larger assets like bitcoin and ethereum on its decentralized exchanges. This capital injection was specifically directed towards Astroport and Ura, the decentralized exchanges within the Terra community.
Despite the positive developments, Terra’s founder, Do Kwon, remains entangled in legal battles with the U.S. SEC and faces legal challenges in multiple jurisdictions. Kwon is also facing extradition to either the U.S. or South Korea after fulfilling a four-month sentence in Montenegro.
### News source: coinpaper.com