Tomiwabold Olajide
USTC trading volume has risen 2,284% as Terra Classic USD bulls embark on run
Terra Classic USD (USTC), formerly UST stablecoin, has seen an impressive spike in the last 24 hours.
According to CoinMarketCap data, USTC was up a whopping 302% in the last 24 hours to $0.06715. USTC trading volume has soared 2,284% in the said time frame, with $1.21 billion worth traded.
The positive sentiment has also spread to tokens in the Terra and Terra Classic ecosystems. Terra Classic (LUNC) has increased by 54% in the last 24 hours to $0.0001231. Terra (LUNA) was up 17% in this time frame to $0.88.
Since the weekend, Terra Classic USD, or USTC, has been on a bullish run. On Nov. 25, the USTC price began a run shortly after what appeared to be a golden cross on its chart. This was followed by strong price increases, with USTC reaching a high of $0.075 in today’s trading session.
The exact cause of the rally remains unknown, but today’s run-up might be due to Binance’s announcement of a USTC futures listing.
Binance launches USTC perpetual contracts
Binance, the world’s largest cryptocurrency exchange by volume, will launch a USTC perpetual contract with up to 50x leverage today, Nov. 27, at 12:30 p.m. (UTC).
In addition, qualified futures liquidity providers will be entitled to 0.005% maker fee rebates for trades on the USTC/USDT Perpetual Contract for 14 to 15 days. Users could also trade the USTC/USDT Perpetual Contract across multiple margin assets via the Multi-Assets Mode.
Terra Classic, with tokens LUNC and USTC, is the original network coinand has remained an independent blockchain apart from Terra 2.0, a forked version created in the aftermath of Terra’s collapse.
The Terra Classic community voted in September to stop minting and reminting USTC, which was at the heart of Terra’s collapse in May 2022.
The action was taken to protect users and outside investors, who were burning USTC to help achieve the repeg. The community also feels that the move may allow institutions such as Binance to begin burning USTC now that minting and reminting have ceased.
