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TerraClassicUSD (USTC) Price Spikes As The Stablecoin Claims $400M Market Cap

Author: Sohrab Khawas

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    At the start of this month, Terra Classic community passed a proposal 5234 which aimed to reduce 1.2% tax burn to 0.2% tax burn. Today, the community passed yet another proposal 6082 which is now active on the Blockchain. This proposal was passed to sort out scammers on the network. The proposal claims that Terra Classic users should now deposit 1,00,000 LUNC to vote on any proposals.

    At the time of writing, Terra Classic is trading at $0.00024 with a drop of 1.22% over the last 24hrs.

    TerraClassicUSD Price Surge

    On the flip side, Terra network’s stablceoin, TerraClassicUSD (USTC) is enjoying its bullish days entering the top gainers list. At present the currency is selling at $0.041 with a surge of 5.15% over the last 24hrs.

    It can be seen that this decentralized finance (DeFi) currency has regained $400 million market cap after the network received an inflow of $45.91 million.

    Also USTC’s technical indicator is flashing positive signals as the overall signal is indicating buy signal. Even oscillators and moving averages (MA) are indicating buy signal

    Currently, the immediate resistance for the currency lies at $0.050 and support is positioned around $0.035. If there are more positive developments around the network, USTC along with LUNC might see new heights.

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