Table of Contents:

· The community discussion is heating up, and USTC surged 66% in 3 hours

· Terra officially clarified that USTC plummeted 54% in 6 hours

· Two rounds of discussions helped boost USTC's current market trend

USTC (Terra Classic USD) has become a hot topic in the cryptocurrency industry community in the past three days. The reason is that USTC suddenly started to skyrocket and reached a 7-day high price of $0.072196 on the evening of November 27th, with a 7-day increase of 211.6%.

However, soon after, the price of USTC began to plummet, falling all the way from its highest point on November 27th at around 23:00 to November 28th at around 5:00, reaching a low of 0.03344409 US dollars, a drop of about 54% from its highest point.

Behind the surge and plunge of USTC, which was driven by the bundling gameplay of Mint Cash, different events also occurred.

Community discussion continues to heat up, USTC surges 66% in 3 hours

After Mint Cash bundled USTC and successfully pushed up the price of USTC, the discussion about USTC in the community continued to rise. On the afternoon of November 27th, from 12:00 pm to 3:00 pm, the price of USTC rose from $0.04122299 to $0.068511, an increase of 66%.

However, the good times did not last long. Just 8 hours later, the price of USTC experienced a sharp decline.

Terra Official Statement Clarifies USTC's 54% Plunge in 4 Hours

On the evening of November 27th, at around 23:00, Terraform Labs officially stated on social media: "Terraform Labs does not participate in Mint Cash in any capacity."

Later, USTC fell all the way from $0.072186 around 23:00 to $0.03344409, with a drop of 54% within 6 hours. As of the time of publication, USTC is priced at $0.04285066.

Two-wheel discussion promotes USTC's current market trend

In fact, this round of USTC's market trend can be traced back to November 21st. At that time, Dfunk, the governance personnel of Terra Classic, posted a forum post on the Terra Classic forum, which was about re-enabling the Terra market module and gradually adjusting USTC to be pegged to 1 US dollar.

The proposal aims to gradually restore the anchoring of LUNC and USTC by reactivating the market module. Currently, the proposal has not officially started voting and is still in the discussion stage.

In order to safely re-enable the market module, the proposal suggests setting the spread fee to 98% to stabilize USTC at 2 cents and gradually increase it to 3 cents, 4 cents, etc.; then burn 100% of the spread fee instead of sending it to the Oracle pool to maintain the stable value of USTC.

Related reading: "USTC skyrocketing, is it due to the Mint Cash airdrop or LUNA's comeback?"

On November 25th, Shin Hyojin, the head of the Mint Cash team, who claims to be the "spiritual successor of TerraUSD (UST)," explained the relationship between Mint Cash and Terra on the X platform. He mentioned how to obtain the Mint Cash airdrop - by using the airdrop contract deployed on Terra Classic to lock USTC, and then Mint Cash will airdrop equivalent tokens valued at 1 US dollar for USTC, while the locked USTC will be destroyed.

This opened up speculation and discussion in the community about "LUNA's comeback?" and further increased the discussion and token price of USTC.

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