Terra Classic's USTC Stablecoin Surges Over 50%; One Of The Highest Gainers Among Top 100 Crypto Projects

"Hope springs eternal" especially for holders of Terra ClassicUSD (USTC) as the algorithmic stablecoin has surged 50%, an interesting spike the community has not seen since the controversial crypto asset de-pegged in May.

The spectacular collapse of the TerraUSD (now called Terra ClassicUSD), when it crumbled from its dollar peg, is one of the major blow-ups in the cryptocurrency world which saw the wipeout of $60 billion worth of investment. The crash shattered dreams and shook faith in the crypto industry, which has yet to recover from that much loss.

Interestingly, USTC may have seen a sudden surge in its price almost five months after the catastrophic collapse in May. It was trading at $0.05943 at 7:30 a.m. ET Tuesday – a massive spike of 64.8% from its price of $0.03606 at 3:25 p.m. ET Monday.

This is an interesting feat considering that the crypto market continues to plummet in anticipation of the U.S. Federal Reserve possibly announcing another blow of interest rate hike by 75 basis points sometime next month. The CPI numbers are also due Thursday.

USTC's price spike has happened at a time when the crypto market in general, is entering another volatile phase, making the surge a significant feat and putting the stablecoin on the list of the top 100 highest-gaining crypto assets.

But what could be behind the price pump of the algorithmic stablecoin that was forsaken by its creator Do Kwon after it depegged from the dollar? It appeared that the surge came at the heels of the announcement of a re-peg proposal made by one of the network developers, Tobias Andersen.

The developer also published a blog, which detailed the steps and initiatives the community could do to help push the Terra ClassicUSD to a $1 mark.

"To accomplish this feat, we will need to implement a host of new features that can enable us to establish additional 'capital controls' which will allow entrepreneurs to create new features on one of the few truly 'community-driven' networks in the crypto space, without assuming any risk to their investors' capital. All whilst granting them interoperability with existing network assets such as wallets, end-users, smart contracts, etc" Andersen said in the blog.

TerraClassicUSD was trading up 38. 52% at $0.05701 with a 24-hour volume of $454,944,033 as of 8:55 p.m. ET Tuesday, according to the latest data from CoinMarketCap.