USTC saw an impressive rise this week, driven by two major catalysts: a newly introduced Binance perpetuals contract listing and the unveiling of a bitcoin-focused makeover along with an enticing airdrop initiative.
It is striking that the value of TerraClassicUSD has almost quadrupled during this period. However, it is essential to put this increase in context because even with the substantial rally, USTC’s price has only reached $0.05, a stark contrast from its initially pegged value of $1.
USTC Meteoric Rise: Navigating Crypto Volatility
The developments surrounding USTC underline the dynamic and evolving nature of the cryptocurrency market, where a combination of strategic listings and innovative plans can have a significant impact on token valuations.
Source: Coingecko
The value of the coin has increased significantly over the past day. Coingecko statistics show that the USTC has risen by as much as 32% to $0.05 in the past day. Even more amazing is cryptocurrency achieved an impressive 335% during the past seven days. During the specified period, trading volume increased by 2,284%, exchanging $1.21 billion.
Between November 25 and 27, the crypto rose more than 400% before falling to $0.04. USTC has since risen +71% to current levels.
A significant increase in trading volume in the hours leading up to Terra Luna Classic (LUNC)’s listing on Binance Futures earlier this week helped the cryptocurrency.
USTCUSDT currently trading at $0.05314 on the daily chart: TradingView.com
Now that Binance has announced that USTC will have more trading pairs available on the spot market, the buying pressure is still there. The Turkish Lira (TRY) and First Digital USD (FDUSD), two more stablecoins, are now immediately tradable at USTC with fiat money.
Additionally, the development team announced a few days ago that they are developing an airdrop strategy for LUNC and USTC holders.
$ust & anchor is making a comeback, this time backed by bitcoin
It will be interesting to continue the stablecoin experiment
dropped planned for pre-crash $luna & $ust holders and also new $ust holders via a kind of lockdrop
could be a decent game for it $ust just in here… https://t.co/7BWe8MXkoq
— IAN (@cryptoic) November 25, 2023
The token has become the subject of a speculative frenzy due to recent developments. According to data from CoinGecko, trading volume with USTC has increased dramatically in recent days, peaking at more than $1 billion in 24-hour activity, dwarfing the average of less than $10 million earlier this month.
The influence of Binance perpetual contract and social media buzz
USTC has risen sharply since the weekend. The price started to rise on November 25, not long after what appeared to be a golden cross on the chart. Strong price gains followed, with USTC reaching a high of $0.075 during today’s trading session.
If you think about how this #LUNC And #USTC the pump is going to end, well the news is that it won’t
And here it is visible why
There are currently $42 million worth of contracts pending and people are still adding to this
The meaning of Open Interest is also stated here
Check it out for yourself
pic.twitter.com/q9fEIv42Rs
— Aru Basu (@klothtweets) November 27, 2023
There is no denying that the euphoria surrounding Binance’s introduction of a perpetual contract contributed to the rise of the USTC coin.
Social media has also played a big role in making this excitement even bigger. It has created a wave of interest and energy that has placed USTC at the top of the crypto market.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
Featured image from Freepik
