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TerraClassicUSD (USTC) gained more than 63% over the course of the week, making it one of the best performing assets of the period.
Social activity has historically proven to be a major factor in cryptocurrency price volatility. Following the collapse of Terra, which led to a token crash in the Terra ecosystem, the asset was left dead as investors tried to count their losses.
Nonetheless, Terra Classic (LUNC) posted a massive rally last month as social activity surged and included some bullish proposals to revive the asset. TerraClassicUSD (USTC) was held up in a September rally before facing a hard rejection. However, USTC appears to be on the cusp of another comeback.
According to CoinMarketCap (CMC) data, USTC is up 63.39% over the past seven days, surpassing several resistance points and trading at $0.048 at the time of writing. His USTC, which was trading flat in the $0.029 zone last Friday, cooled off after he peaked at $0.061 on Wednesday.
The last time the asset hit the $0.06 zone was a month ago, when it last climbed to a four-month high of $0.066 on September 10th. The USTC/USD market is highly volatile at the time of writing, showing renewed interest. in assets.
As a result of its recent comeback, USTC’s market cap has increased by more than 63% in seven days, from a valuation of $290 million last Friday to $473 million at the time of reporting. The asset has far outperformed Dash (DASH) and Lido DAO (LDO), cementing his position in the 72nd spot for the top asset by market capitalization.
The USTC price action appears to be benefiting from renewed interest in the asset as social activity picks up.
Besides recent binance plan The inclusion of USTC in the borrowable assets of the Binance Crypto Loans platform is one of the main factors contributing to the increase in USTC social activity, introduced by members of the Terra community with the aim of re-pegging USTC2 A recent discussion on two proposals.
Alex Forshaw and Tobia Zarader Andersen proposed two different initiatives to help us on our journey to re-peg the USTC. Both initiatives have sparked controversy among the Terra community.Nevertheless, Terra core developer Edward Kim recently clearly That both proposals are equally effective and may be executed at the same time.
Proposals for new re-pegs and discussions about the feasibility of the proposals have undoubtedly contributed to the surge in USTC social activity. This has attracted renewed interest in the asset and contributed to favorable price movements. USTC remains above the $0.48 level as it is trading at $0.4821 at the time of the report.
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