Remember The Ill-Fated Terra Stable Coin? Its Shot Up Nearly 300% This Week — Here's Why

TerraClassicUSD (CRYPTO: USTC), the remnant of the collapsed Terra blockchain, has surged 300% in the past week. What Happened: The rise in investor interest follows the news that cryptocurrency exchange Binance has started offering perpetual contracts for USTC, and as details of a proposed Bitcoin-focused revival plan with an airdrop emerge.

Timeline of Terra-luna-v2, Terra-luna

A significant court ruling has emerged from the U.S. Securities and Exchange Commission's (SEC) ongoing case against Terraform Labs and its co-founder Do Kwon. Judge Jed Rakoff has granted permission to file sealed discovery documents by Jump Crypto, a key player in the Terra-LUNA debacle.

Market interest in Terra Classic (LUNC) has risen with a spike in volume as $113 million is added to its capitalization in one day. LUNC ranks among the best performers in multiple time frames.

The Terra ecosystem cryptocurrencies LUNC and USTC are gaining significant rallies amid various favorable announcements from projects and crypto exchanges. The constant upswing in price over the past few days has amassed significant attention within the broader crypto market.

Terra has stirred considerable attention of late, experiencing an impressive surge in prices that has left market observers intrigued. The catalyst behind this upward trajectory can be largely attributed to notable advancements within the Terra Ecosystem.

In the ongoing lawsuit by the U.S. Securities and Exchange Commission (SEC) against Terraform Labs, Federal Judge Jed Rakoff has acknowledged the receipt of crucial discovery documents from Jump Crypto Holdings LLC. The documents, received on November 27, could illuminate the intricate details of Terraform Labs' operations and its dramatic collapse.

The Terra Classic ecosystem, comprising tokens LUNC and USTC, has witnessed a rollercoaster ride in the cryptocurrency market. Following a significant purchase by Trader QT, an official partner of Luna Classic Labs, both tokens experienced a sharp rise in value, followed by a notable decline within 24 hours.

Over the past 30 days, LUNC has experienced a substantial upswing, with a reported 97.22% increase in value, stirring speculation on whether this surge is a temporary spike or the beginning of a sustainable upward trend​​.

Terra Classic (LUNC) has witnessed an impressive surge of 97.22% over the last 30 days, a significant increase from its October 27 price of $0.0000646, which has prompted investors to set their sights on the $0.10 mark.

TerraClassicUSD (USTC), the algorithmic stablecoin tied to the LUNA ecosystem, recently went on an upward trajectory to register gains of over 300%. In a stunning cascade of events, the token's price spike in the past 24 hours has left investors wondering about the implication for Terra Classic (LUNC) and the potential revival of the LUNA ecosystem.

The world's largest crypto exchange Binance on Monday said it will launch a USTC perpetual contract offering up to 50x leverage after careful review. The move surprisingly comes amid a massive jump in TerraClassicUSD (USTC) and Terra Classic (LUNC) prices as Binance plans to launch the USTC perpetual trading today itself at 12:30 UTC.