Terra Classic USTC Price Up 50% in 24 hours, Why?

Terra USTC and LUNC (used known as UST and Luna) were at the heart of the crash in the summer of 2022. USTC lost its peg to the dollar, and a new LUNC (Luna Classic) was created to counter to same. Companies that had a significant impact on LUNC and USTC were severely affected. Many filed for bankruptcy, while others were part of acquisition deals. Nonetheless, the collapse of Terra is historic in that it was downright catastrophic. USTC price is always in the spotlight.

However, as the broader crypto market enters another volatile phase, Terra’s USTC seems to be the highest gainer among the top 100 crypto projects. At press time, USTC price is up by 49.5% in the last 24 hours, and by 58.6% in the last 7-days. Moreover, the token is up by 49.7% in the last 14-days. This is especially surprising as most major projects are currently decreasing in value. The fall in the markets is most likely in anticipation of the CPI numbers which are due on the 13th. As per analysts, the Fed will most likely increase interest rates by another 75 basis points in November.

Moving on, let’s address the elephant in the room…

Why is USTC price rising?

USTC’s pump follows the announcement of a re-peg proposal. The proposal was made by Tobias Andersen, who is one of the developers on the network. Andersen has also published a blog, outlining the steps and initiatives that could push USTC to the dollar mark.

Andersen states in his blog,

“To accomplish this feat, we will need to implement a host of new features that can enable us to establish additional “capital controls” which will allow entrepreneurs to create new features on one of the few truly “community-driven” networks in the crypto space, without assuming any risk to their investors capital. All whilst granting them interoperability with existing network assets such as wallets, end-users, smart contracts, etc.”

This news has really gotten a lot of people excited. UST’s re-pegging to the dollar will be as historic as its decline. That said, the rally in Terra USTC seems a bit random given that the rest of the market just took another hit this morning. Global cryptocurrency market cap is down 2.7% to $956 million. While USTC is up nearly 50% in 24 hours, the price is only up about 2 cents.

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