u.today
The $LUNC and USTC tokens of the Terra classic network, the original Terra chain — which now exists independently of Terra 2.0, a new chain created in the aftermath of Terra's collapse — have surged remarkably in the last 24 hours.
Top crypto exchange Binance announced the listing of a USTC perpetual contract with up to 50x leverage at the week's start, which triggered a 300% price spike for TerraClassic USD (USTC).
The positive sentiment became apparent as $LUNC and USTC embarked on a bullish streak. $LUNC has been increasing over the weekend after falling to a low of $0.00007359 on Nov. 24. This was followed by a strong surge in price, with UStimeTC reaching a high of $0.000129 on Monday, Nov. 27.
If $LUNC ends in the green today, it will be the fifth consecutive day of price advances since Nov. 24.
At the time of writing, Terra Luna Classic $LUNC was up 26.2% in the last 24 hours to $0.00012068. The token has increased by 63.9% in the last seven days and by 82.7% over the last month. However, it is still down 25% year over year.
Terra Classic USD, or USTC, has also been on a strong bullish streak since the weekend. The USTC price began a run on Nov. 25, just after what seemed to be a golden cross on its chart. This was followed by sharp price increases, with USTC reaching a high of $0.078 on Nov. 27 before succumbing to profit-taking.
Following that, USTC recovered some of its losses, reaching intraday highs of $0.0635 in Wednesday's trading session.
USTC was up 36.6% in the last 24 hours to $0.054672 at the time of writing, having increased by 319.6% in the last seven days. According to CoinGecko data, the former UST stablecoin has gained 347.3% in the last 30 days and 163.5% year to date.
In September, the Terra Classic community chose to discontinue minting and reminting USTC, which was at the heart of Terra's implosion in May 2022.