Why is USTC Pumping? 


– In three days, the price of the defunct Terra Classic stablecoin spiked by over 700%. – It seems the leading exchange Binance is secretly planning something with its rapidly-growing USTC and LUNC wallet.  – Terra Classic community IS determined to revive the LUNC and USTC.

Back from the dead

Terra Classic cryptocurrencies, LUNC and USTC, are starting to show signs of life again after being called “dead.”  USTC’s de-peg in May swept off its market valuation, as the price collapsed by almost 100%.  Coupled with the bear market, this also drained the liquidity of its sister token LUNC, leaving investors with worthless digital currencies.

Surprisingly, USTC caught the fire again. Within the last three days, USTC skyrocketed by over 700%, defying the current crypto winter.  The price increased to a high of $0.0987 from $0.01115 on June 26th, pushing back the market value to the top-100 in the cryptocurrency space. Both USTC and LUNC were the largest gainers on Binance on June 29th. 

Why is USTC rising?

USTC's increase is not because of any major development announcement, as there hasn't been one since Terra 2.0 launched. However, the momentum was likely stirred by the recent wallet activities of the largest cryptocurrency exchange Binance.

The amount of USTC and LUNC contained in Binance main/withdraw wallet has been increasing rapidly in recent days.  Binance wallet currently holds 2.5 trillion LUNC (about 36% of the supply) and 1.039 billion USTC (about 10% of the supply).

The Terra Classic community believes that's a signal that Binance is accumulating USTC and LUNC, and is probably planning something huge. The community is also seeing support for a proposal to implement an extra “1.2% burn tax” on LUNC transaction. Four validators currently support the proposal. StarShip Universe plans to accept LUNC as payment with the tax burn.

What’s in store for LUNC? 

There are currently over 6.9 trillion LUNC in circulation. The goal of the Terra Classic community is to reduce the circulating supply of the token, which should see the price increase to an appreciable level.

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