thecryptobasic.com
Terra coins LUNC and UST that have been deemed as failed coins are now pumping hard.
Tuesday was a good day for Terra’s “failed coins” LUNC (Luna Classic) and UST (Stablecoin). The two coins seem to have achieved a significant price jump in the last 24 hours. According to Coinmarketcap, LUNC has pumped by over 13%, while UST has spiked by over 31%. That’s a curious case for two coins that most crypto community thinks of as failed.
At press time, LUNC is trading at around $0.0001, while UST is going for $0.03. The two coins crashed hardback in May when UST de-pegged from the USD, sending it way below the mark. The event spilled over to the LUNC (then LUNA) market, sending the crypto’s price from over $100 to nearly zero. Terra has since launched a new chain dubbed Terra 2.0, with the new LUNA token now in existence as the de facto native token.
It’s Unusual
Interestingly, the exact cause of the spike of the two coins is yet to be established. Some people attribute it to the recent interview where Do Kwon blamed himself for the collapse of the Terra ecosystem.
He said,
“I and only I am responsible for any weaknesses that were presented to a short seller in order for them to begin to make a profit.”
His utterances followed claims and speculations that a mole might be operating within the higher ranks of Terra.
Can UST Re-peg?
There are currently a lot of speculations on whether UST is capable of rising up to re-peg to the USD level ever again. From a critical standpoint, this would be a hard press for the presumed stablecoin, given its current price mark.
At one time back in July, UST spiked by over 470%, reviving some hope in investors that the stablecoin might reclaim its USD peg sometime in the future.
Some people have claimed that Terra’s coins may be scam coins, going by the recent price crashes and investor losses incurred. Still, both new LUNA and old LUNC have been listed on various crypto exchanges across the world.