Did Luna Classic and TerraClassicUSD Grow Significantly Without Reason?

Crypto assets within Terra Classic’s ecosystem – Luna Classic (LUNC) and TerraClassicUSD (USTC) have seen notable surges in price. The reasons behind the significant jump in cryptocurrencies’ value are unknown. Although a recent interview with Terra co-founder Do Kwon became the talk of the town. Given the timing of both instances, many people around the crypto space consider them correlated to each other. 

During the interview, Kwon agreed to the possibility of an infiltrator inside the ecosystem. He said that he would agree if someone would ask if there was any traitor at Terraform Labs. Even there is a possibility that someone tried to get the benefit of the beleaguered situation. 

However, Kwon accepted his fault and stated that despite any vulnerability being there, he should have known about them. He said that he is solely responsible for such an opportunity that was left for someone to take advantage of for profit. 

Do Kwon had to say this and here the prices of Terra Classic assets started showing significant growth. Both USTC and LUNC showed an impressive increase of 42.2% and 8%, respectively. In addition to the trading price, the USTC stablecoin has also seen an increase in its trading volume reaching upto 65.31 million USD. The trading volume of LUNC reached approx 60.65 million USD. 

Meanwhile, the new avatar of LUNA also enjoyed similar growth which increased by over 9% in the last 24 hours. However, in terms of trading volume, it lags way behind LUNC. Currently, LUNA has a global trading volume of 32.2 million USD. 

The highly enthusiastic Terra Classic community started projecting the expectations from LUNC and USTC. They started talking about the stablecoin reaching its highly anticipated value of 1 USD soon. However, given the current value of both cryptocurrencies, this goal seems way far from reality, at least for now. 

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.