USTC Surges by 300%, LUNC Up 50% in 24 Hours: What’s Behind This Sudden Movement?
In the wake of market recovery and positive shifts within its network, the prices of USTC and LUNC on the Terra Classic network have experienced sudden and significant spikes. At the time of writing, USTC is trading around $0.067, marking a fivefold increase from $0.01 on November 25. Similarly, Terra Luna Classic (LUNC) has surged nearly 50% in the past 24 hours, currently trading at $0.00012.
This unprecedented growth of these notorious pairs stems from the positive transformations within the Terra Classic network, part of the community’s collaborative efforts to restore the ecosystem to its former glory of 2021.
According to data shared by the Terra Classic Foundation, the network has hit new highs in transaction volume in recent days. Particularly notable was the record-breaking 589,000 transactions on November 22, a substantial increase from the monthly average of 300,000 in the past month. The staking ratio on the Terra Classic network is showing signs of resurgence, up by over 15% following a brief decline in mid-November.
These improvements in staking ratios and network usage indicate a positive sentiment among users towards the project, propelling the ecosystem’s recovery.
However, Terra Classic still has a considerable distance to cover before reclaiming its former glory. Sustaining this momentum over an extended period will be crucial for Terra Classic to return to its previous heights.
In the peak period of 2021, Terra was among the most widely used blockchains, credited to the LUNA token and stablecoin TerraUSD (UST) duo. Yet, the downfall of the billion-dollar empire and the legal entanglements of Do Kwon led to the emergence of two separate chains, Terra 2.0 and Terra Classic.
The recent price surges reflect not just market dynamics but also the growing confidence in Terra Classic’s revival efforts. As the network continues its positive trajectory, all eyes remain on its ability to maintain this upward momentum and potentially regain its former stature in the blockchain space.
The journey of Terra Classic illustrates the resilience and adaptability of blockchain networks, navigating through challenges and striving for a resurgence amidst a constantly evolving landscape.
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