USTC pumps 300% within 24 hours, Here is why?
Collapsed TerraUSD stablecoin is now again attracting crypto investors as Binance added support in the futures market.
USDC is a stablecoin which collapsed badly in May of last year along with Terra (Lunc). Days after, the back-end firm Terraform Labs launched a new cryptocurrency token & left TerraUSD & Lunc in the well of loss pain. Currently, the core co-founder of this crypto project Do Kwon is in custody of Montenegro authorities. The US authorities are waiting for his extradition to the US to process the whole investigation & find out the main culprit behind the whole project’s sudden downfall.
Today many people noted that the trade price of USTC stablecoin surged by nearly 300% and with that people are scratching their minds about how it happened and why people are buying this collapsed & failed stablecoin.
Indeed this happened because of the Binance exchange, the top crypto trading platform globally, support for this stablecoin.
On 27 Nov 2023, Binance announced support for USTC. Announcement confirmed that the exchange launched a USTC perpetual contract with up to 50x leverage.
#Binance Futures will launch the USDⓈ-M USTC Perpetual Contract at
— Binance Futures (@BinanceFutures) November 27, 2023
Nov 27, 2023 12:30 (UTC).
Read morehttps://t.co/faaIU0ARtl pic.twitter.com/8HGfX3cjEr
Few people claimed that such steps will help this stablecoin to reach its pegged value of $1 but no one knows what will happen in the future because there are still huge numbers of people who are waiting to get their money back, as they were holding a huge amount of money in the this Stablecoin.
Following this development with this failed stablecoin, Lunc (formerly Luna) also showed a 41% pump in the trade price.
$LUNC is pumping as Binance exchange added support for failed $USTC stabelcoin,,,, seems there is a hidden protocol between these two crypto assets
— Bitcoinik – Next Generation Bitcoin Media (@Bitcoinikdotcom) November 27, 2023pic.twitter.com/jSEskEJsps
Alongside all the speculations, people need to understand that the top crypto exchange Binance is a big supporter of Lunc cryptocurrency and expects to compensate Lunc investors to some degree.
Following the collapse of this cryptocurrency, the Binance exchange delisted this token in 2022 but later relisted it on behalf of the customer’s demand and also proposed the idea of burn the supply of Lunc.
Read also: Four altcoins crashed badly, as Binance took the surprise decision to delist
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