The dramatic downfall of Terra’s native assets LUNC and USTC was disruptive in every way. The crash had a major impact on the entire market after millions of dollars were washed away. Despite increased scrutiny particularly from South Korean regulators, the creator of Terra, Do Kwon rolled out another network, Terra 2.0. With both the networks existing in the crypto market, investors clearly chose a side.
Terra 2.0 started as a network completely different from the first one. The involvement of an algorithmic stablecoin was nullified as USTC was no longer a part of Terra 2.0. While the entire community was expected to embrace the LUNA 2.0, individuals were veering into the LUNC market, instead.
Following the crash, LUNA changed to Luna Classic or LUNC. The asset witnessed a major drop and sunk below $1. Now, however, the altcoin was up 58.30 percent over the last 24 hours pushing its price to $0.0001363.
Twitter was certainly overwhelmed. The sudden increase in the price of LUNC shows that the community might still entail trust in the asset. This sudden surge could be due to the fact that several were getting back at Kwon by not investing in LUNA 2.0 and sticking to LUNC.
LUNA 2.0 did not feel the heat of the bears either. The brand new cryptocurrency was up by 16.53 percent and was trading for $2.61.
Furthermore, several speculated that this sudden surge in LUNC was due to the video released by “Anonymous.” However, it looks like the community was actually pouring its funds into the network. The 24-hour trading volume of LUNC was up by 69 percent and was at $825,765,235.58.
In addition to this, Starship, a metaverse platform announced that it would onboard LUNC. This would have certainly triggered the ongoing rally.
USTC takes a bigger leap than LUNC
While LUNC attained double-digit gains, Terra’s depegged stablecoin, TerraClassicUSD [USTC], garnered triple-digit profits. With a 290 percent surge over the last 24 hours, USTC was trading for $0.075, at press time.
The algorithmic stablecoin is still 91 percent below its $1 peg. However, as per CoinMarketCap, USTC is 1310 percent over its all-time low of $0.0062.
Additionally, an array of them was hoping to become millionaires with LUNC and USTC’s latest uptrend. However, a few others noted how these assets weren’t under any scrutiny even after inching close to zero. One Twitter user even pointed out how the SEC was busy chasing Ripple and XRP that troubled assets like these were being overlooked.