This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Terra’s USTC token has experienced a significant surge in value, with a 150% increase over the past 24 hours. This rally has attracted attention due to a spike in volume and price. The token reached its highest level since May 2022, although it has since retraced slightly. CoinMarketCap data shows a substantial growth in daily trading volume, indicating increased market activity. This positive performance is part of a month-long uptrend, with the token’s value rising by 275% in the past seven days, 383% in the last 30 days, and nearly 200% in the past year. Other Terra-related digital assets, such as LUNC and LUNA, have also seen gains. The surge in Terra tokens is attributed to new developments within the ecosystem, including Binance’s announcement of a USTC perpetual contract offering leverage of up to 50x. The USTC community is actively involved in helping the stablecoin regain its peg, proposing an on-chain upgrade. The Terra network has also experienced increased transaction activity. It is important to note that the news of Luna Classic Labs purchasing $500,000 worth of the stablecoin has been debunked as fake.