The trading volume of USTC has surged by a remarkable 2,284% as Terra Classic USD experiences a bullish run. Formerly known as UST stablecoin, Terra Classic USD (USTC) has witnessed an impressive spike in the past 24 hours.
Based on CoinMarketCap data, USTC has surged an impressive 302% in the last 24 hours, reaching $0.06715. The trading volume for USTC has skyrocketed by a substantial 2,284% during this period, totaling $1.21 billion worth of trades.
Bullish Momentum Across Terra and Terra Classic Tokens
A wave of positivity has swept through tokens within the Terra and Terra Classic ecosystems. Terra Classic (LUNC) has surged by 54% in the past 24 hours, reaching $0.0001231, while Terra (LUNA) saw a 17% increase during the same period, reaching $0.88.
Over the weekend, Terra Classic USD (USTC) has been on a bullish streak. The USTC price began its climb on November 25, seemingly triggered by a golden cross on its chart. This was followed by robust price gains, with USTC reaching a high of $0.075 in today’s trading session.
While the exact cause of the rally remains unknown, today’s upward movement could be attributed to Binance’s recent announcement of a USTC futures listing.
Binance Launches USTC Perpetual Contract with 50x Leverage
Binance, the world’s leading cryptocurrency exchange, is set to introduce a USTC perpetual contract with up to 50x leverage on November 27 at 12:30 p.m. (UTC).
Qualified futures liquidity providers will enjoy 0.005% maker fee rebates for trades on the USTC/USDT Perpetual Contract for 14 to 15 days. Users also have the flexibility to trade the USTC/USDT Perpetual Contract across various margin assets through the Multi-Assets Mode.
Terra Classic, featuring tokens LUNC and USTC, serves as the original network coin and remains an independent blockchain distinct from Terra 2.0, a forked version emerging after Terra’s collapse.
In a pivotal September vote, the Terra Classic community decided to halt the minting and reminting of USTC, a key element in Terra’s collapse in May 2022. This decision aims to safeguard users and external investors, who were burning USTC to facilitate the repeg. The community believes this move might prompt institutions like Binance to initiate USTC burns now that minting and reminting activities have ceased.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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