TerraClassicUSD Rebellion, Increases Over 80% In 3 Days!

Following the well-publicized collapse of Terraform Labs’ stablecoin TerraUSD (UST) and its native token Terra (LUNA), the stablecoin TerraClassicUSD (USTC) has reached a monthly high.

TerraClassicUSD Rebellion, Increases Over 80% In 3 Days! 3

The reason for the above boom is that the Terra Classic community welcomes the proposed re-peg.

Tobias Andersen, a blockchain engineer and senior developer at Bitcoin Suisse AG, proposed a solution to the problem of massive amounts of uncollateralized Terra Classic’s USTC stablecoin and the hyperinflated supply of LUNC on October 9.

The price of TerraClassicUSD rose to a new monthly high; the cost of Terra Classic’s algorithmic stablecoin has risen by more than 30% and is presently trading at $0.0545 on October 11, up from $0.0405 just a day earlier.

USTC price chart. Source: CoinMarketCap

Following the May disaster and the ensuing prosecution of Do Kwon and other project founders by Interpol, it is probable that the project’s future may not go as planned.

However, the recent rush of positive Terra Classic news, such as the newly implemented LUNC tax system and the de re-peg plan, along with an engaged community, may have a chance of revitalizing the Terra Classic environment, because this is now a community endeavor.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.