Some of the tokens associated with the Terra 2.0 and Terra Classic ecosystems are up over 10,000% year to date.
Three tokens, Luna Classic (LUNC), Terra 2.0 (LUNA) and TerraUSD Classic (USTC), have jumped 70% in the last 24 hours alone. Within a week their price increased by 300%. According to CoinGecko, cumulative trading volumes of Terra-related tokens have exceeded $2 billion.
“Terra stands out as a community of motivated and skilled people. Through strategic realignment and adaptability, they demonstrate resilience and unwavering faith in the Terra ecosystem,” commented James Wo, founder of the DFG crypto fund.
Terra Classic is an original network created by Terraform Labs. It continued to exist as an independent blockchain, a version created after the collapse of Terra. LUNA is currently actively traded on the market, as are LUNC and USTC Terra Classic.
It was recently reported that the Terra USD (now USTC) stablecoin skyrocketed 400% in just three days following news that Montenegrin authorities had approved the extradition of Terra founder Do Kwon. The market capitalization of the stablecoin soared 300% to almost $600 million.
Let us recall that in May 2022, the Terra ecosystem collapsed due to the fact that the algorithmic stablecoin USTC lost its peg to the US dollar. As a result, investors lost about $40 billion.
