TerraClassicUSD, the stablecoin service of the Terra ecosystem, was bullish with an inflow of $46 million.
The UST, which emerged with the restructuring after the Terre crisis, is taking firm steps towards fixing to 1 dollar. The slow recovery of the ecosystem after its disintegration is also giving positive signals for the stablecoin. Especially the legal developments of Do Kwon are losing their impact on the ecosystem. Cryptocurrency traders planned the possibility of pegging at $1 for USTC. With burn mechanisms, exchange support, and community action, the popular stablecoin is making bulls hungry.
USTC Spends the Day Up 10 Percent
After the short-term mass uptrend in the crypto market, the market started to turn red again. However, USTC, which was thought to have collapsed, managed to get the bulls behind it again.
According to data shared by Finbold, USTC is up about 15 percent on the day. In addition, the previous week, it had experienced a rise of about 20 percent.
In the last 24 hours, the popular stablecoin has reached a market cap of $400 billion. There was an inflow of 46 million dollars into the project on the purchase side. In other words, the market value of the project increased by 12 percent in one day.
USTC technical analysis started to give positive signals. The project, which has become a buy in daily metrics, indicates that the bulls are hungry.
Why Is USTC Rising?
The stablecoin that survived the Terra crisis has gained the support of the community. Especially Terra Rebels spends a lot of time on the ecosystem of the project.
Three weeks ago on the USTC side, the transition to the PoS side caught the attention of the community. The thought of restructuring and creating an ecosystem for stablecoin contributed positively to the development of the project. After these developments, stablecoin experienced a 35 percent rise.
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