Coin Edition -
- Luna Classic Labs denied the rumor that it had bought USTC worth $500,000
- LUNC fell by 23.51% while USTC’s price plunged from the $0.071 weekly high.
- LUNC may drop to $0.000068, and USTC might no longer reclaim the $1 peg.
After initially making double-digit increases on November 27, the prices of Terra Classic (LUNC) and Terra Classic USD (USTC) have tumbled. At press time, USTC, which is the algorithmic version of the now-collapsed TerraUSD (UST) stablecoin, plunged by 42.97% in the last 24 hours.
LUNC, like its sister cryptocurrency, fell by 23.51%, according to press time information from CoinMarketCap. Previously, Coin Edtion had reported how LUNC surged to a 90-day high as the Terra team moved toward stabilizing LUNC’s and USTC’s liquidity.
It’s a Pump and Dump
As a result, USTC produced an incredible 192.17% seven-day hike in price. However, there were other developments related to the price increase of both cryptocurrencies. First, Binance announced that it had added a USTC perpetual contract for leverage traders.
But before the Binance development, there was speculation that Luna Classic Labs, the development team behind both tokens, bought a lot of $500,000 worth of USTC at an average price of $0.021. This news was substantial enough to fuel a USTC hike to $0.071 on November 27.
However, Luna Classic Labs later denied the rumor in a post on X (formerly Twitter) on the same day. According to the post, the team said the rumors were lies, and those spreading it had no links with the project.
If a dog is beautiful but at the same time it is also rabid and dangerous, we have to kill this dog sometimes…No, Luna Classic Labs did not buy $500,000 worth of #USTC. It's fake news