Terra’s USTC And LUNC Increase In Value

The two coins linked to Terra’s Classic network, terraclassicusd (USTC) and luna classic (LUNC), had a huge increase in value on Tuesday for an unexplained cause. The market changes come after Do Kwon’s recent interview with Coinage, during which the Terra co-founder discussed the possibility of a mole working for Terra.

In an interview, Kwon said, “If you’re asking me whether there was a mole at TFL, that’s probably, ‘Yes.’ Whether somebody tried to take advantage of that particular opportunity, I would say that the answer is, ‘Yes.’ But if those opportunities existed, then the blame is on the person that presented those vulnerabilities in the first place. I, and I alone, am responsible for any weaknesses that could have been presented for a short seller to start to take profit.”

A few days later, compared to a large number of other coins in the cryptocurrency market, both USTC and LUNC are seeing massive growth. Recently, the price of LUNC grew by 8%, while the price of USTC rose by 42.2% over the previous 24 hours. Worldwide trading volume for USTC was $65,310,430, compared to $60,659,973 for LUNC.

The newest blockchain asset on the Terra Phoniex network, LUNA, has increased 9.4% during the past days in addition to the rise of the traditional currency. However, LUNA’s $32,205,006 is only half as large as LUNC’s and USTC’s combined daily volumes when compared to the old classic coins.

Supporters of the classic Luna have a particularly active online community and are perhaps more outspoken than those of the updated Luna 2.0. The old chain and old coins are supported by the LUNC DAO and a sizable number of Terra classic-focused social media profiles. The tokens LUNC and UST are still described as “scam coins’ ‘ and the “ultimate Ponzi” as the Terra Classic supporters attempted to mobilize support on Tuesday.

Additionally, the values of the two Terra Classic coins considerably increased during the first week of July, but they quickly returned to their previous levels. USTC surged 470% higher over a span of 7 days at that point in July.

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