Back from the dead: Terra’s USTC and LUNC double in price even while BTC and ETH face further drop

USTC algorithmic stablecoin (UST Classic) from the notorious company Terra suddenly began a rapid rise against the downturn in other popular cryptocurrencies. The project shows growth, despite the entire cryptocurrency market being in the negative zone.

USTC, which lost its bond to the dollar at the beginning of May and fell under 1 cent, managed to spur the price of LUNC (Luna Classic), another collapsed token of Terra.

According to Business 2 Community, USTC has gained 809.9% in the last seven days, and LUNC has gained 158.7% in the previous week. Trading volumes for the duo have also surged, with LUNC posting $1.1 billion in 24 hours, while USTC recorded an investment of $422.9 million.

The reason why the almost dead digital assets soared in price is unknown. However, traders in social networks are discussing all sorts of rumors: from the possible restoration of USTC pegging to the dollar and the participating big players to the potential binding of USTC to the U.S. cents.

At the same time, significant digital assets like Bitcoin and Ethereum, as of June 30, have fallen in price to $19,064 and $1,014, respectively.