TerraClassicUSD gains 15% in 24 hours, regaining $400 million in market capitalization.
The majority of the cryptocurrency market is back in the red after a brief bullish run, but the collapsed’stablecoin’ TerraClassicUSD (USTC) continues to grow, establishing itself as the top gainer over the previous 24 hours.
Indeed, TerraClassicUSD is presently trading at $0.04349, up 15.07% on the day and 19.75% over the previous week, according to data gathered on October 28.
The decentralized finance (DeFi) coin has regained $400 million in market value in the last 24 hours, with an influx of $45.91 million. In other words, USTC’s market value increased by 12.38% in one day, from $370.76 million to $416.67 million.
USTC technical evaluation
Meanwhile, USTC’s technical analysis (TA) indications are bullish, with the summary indicating a ‘buy’ attitude at 13. Breaking into the technicals further, the oscillators have a ‘buy’ emotion with 3 and the moving averages (MA) have a ‘buy’ feeling with 10.
Price increase caused by re-pegging plan
It’s also worth mentioning that three weeks ago, the Terra Classic proof-of-stake (PoS) blockchain community hailed the USTC re-peg proposal, which was quickly followed by the token’s climb to a monthly high, jumping more than 35% in 24 hours.
Tobias Andersen, a blockchain engineer and senior developer at Bitcoin Suisse AG, has previously made a proposal outlining a solution to the issue of enormous sums of uncollateralized USTC and the LUNC token’s hyperinflated supply.
Notably, during the wider Terra ecosystem crisis, USTC lost its peg to the US dollar in May 2022, after falling below $0.1 and being designated a dead token, and its woes continued with the charges and later trial of creator Do Kwon for his participation in the crash.
However, given TerraClassicUSD’s recent success, as well as the recently implemented LUNC tax burn scheme, there might be another twist in store for the platform.
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