Terra’s collapsed stablecoin TerraClassicUSD (USTC) emerged as the highest gainer among the top 100 cryptos. This sudden spike in USTC prices is baked by the recent announcement by the Terra Luna Classic core developer. However, the global digital assets market registered another drop with increased volatility.
Will Terra Classic can attain its pegged value?
Tobias Andersen AKA Zaradar, Terra Classic core developer has laid out the much awaited USTC re-peg proposal. Since, dropping this Terra Luna news to re-peg the TerraClassicUSD, its price has jumped by around 50%. This jump has helped the token to cover its price drop over the past 7 days.
Terra USTC is trading at an average price of $0.0397, at the press time. TerraClassicUSD 24 hour trading volume has skyrocketed by around 1280% to stand at $174 million. While its market cap is now calculated to be $408 million.
In the release, he mentioned that Terra Classic, a Proof-of-Stake blockchain network saw a black swan event. This resulted in the mega collapse of Terra Luna through a vicious death spiral. Over $60 billion worth of cap vanished from the global crypto market in a matter of few days.
However, this event led to the printing of trillions of governance tokens. A humongous debt mountain was formed in the network in the form of uncollateralized stablecoins.
Will Do Kwon react to this?
In order to revive the USTC, Zaradar aims to fight against the dying light of a lunatic. Meanwhile, he stated that he will try to fix the project when it was abandoned by its creators. This Terra Luna news will surely pump its investors’ confidence.
Meanwhile, this positive news for the Terra holders’ have come amid the4 increased scrutiny and investigation of the Terra Chief Do Kwon.
Coingape reported that Terra chief’s passport will be announced invalidated by the next week. However, this can happen if Do Kwon fails to show up to the authority. Earlier, Interpol released a Red Notice against the Terra Chief in order to investigate the happenings in the Terra ecosystem.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.