Many crypto traders showed their Inclination toward TerraUSD stablecoin, as USTC Community supporters are planning to push USTC back to its $1 value.
USTC is a failed stablecoin. Initially, this stablecoin was launched by Terra Labs with the name “TerraUSD (UST)”. In May 2022, Under very high sell pressure, TerraUSD’s price plunged badly to the ground. Indeed this coin was interconnected with the Terra (Lunc) coin (formerly Luna), which also collapsed badly under high price volatility. In short, the business model of Luna & UST was bad and that was the main reason behind the failure of these two coins.
The current value of each USTC stablecoin is $0.04004 and this price is 56.93% higher over the last 24 hours’ trade price.
The trade value of USTC is still down by 96%, which means a very big number of TerraUSD holders are at a loss and they are expecting to get their funds back.
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Recently the proposal to repeg this stablecoin has been passed by the community vote and they aimed to bring this stablecoin back on the line.
BREAKING: $LUNC Proposal 11324 to Re-Peg USTC from Duncan Day has passed! Bullish for $LUNC
pic.twitter.com/7heV2GylKm
— WSB Trader Rocko
(@traderrocko) February 2, 2023
For this thing, the devs team also will change the algorithm of the coin and implement it on other code, to make it worthy.
The price increment effect also can be seen on the Lunc coin (formerly Luna coin). The current trade price of Lunc is $0.0002018 and this price is 16.21% high over the last 24 hours’ trade price.
Despite being devs’ activity in the Terra classic Crypto project, the majority of the experts claimed that this project will fail because no one will go with this project, as a core team doing work on the new Terra project.
Read also: Reliance Retail accepts Indian national digital currency
USTC stablecoin price surging rapidly ahead of re-peg plan
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https://bitcoinik.com/ustc-stablecoin-price-surging-rapidly-ahead-of-re-peg-plan/feed/
