The two terra coins, Terra classic USD and Luna classic have experienced a spike in value. This is due to Do Kwon’s interview with Coinage. The co-founder of Terra discussed the addition of a mole within Terra’s organization.
In the interview, Kwon explained, “If you’re asking me whether there was a mole at TFL, that’s probably, ‘Yes.’ Whether somebody tried to take advantage of that particular opportunity, I would say that the answer is, ‘Yes.’ But if those opportunities existed, then the blame is on the person that presented those vulnerabilities in the first place,”
He added, “I and I alone, am responsible for any weaknesses that could have been presented for a short seller to start to take profit.”
USTC and LUNC have shown significant gains just four days after the interview. LUNC has increased 8% in value, whereas USTC has jumped 42.2% in the past 24 hours. The trading volume of USTC only today is $65,310,430, and for LUNC $60,659,973.
In addition to the spike of the classic coin, the newest Terra Phoniex network blockchain asset LUNA has surged 9.4 percent in the last day. However, compared to the classic coins, LUNA’s daily volume of $32,205,006 is half that of LUNC’s and USTC’s.
According to statistics, OKX is currently the most active USTC exchange, while Kraken is the most active LUNC trading platform. BUSD accounts for 80.16 percent of USTC trades, while tether accounts for 18.71 percent of USTC swaps (USDT).
USTC is now trading at $0.0307 per unit, and although it has surged 42% in value, it has a long road ahead before it reaches $1. The reason for the spike in the price of the Terra classic is currently unknown. However, many advocates “manifest a $1 USTC.”
The Luna classic community of supporters is significantly more active than Luna 2.0 supporters. There is a LUNC DAO and a large number of Terra classic-focused social media accounts that support the old chain and tokens. While supporters of Terra Classic attempted to rally support on Tuesday, the tokens LUNC and UST are still referred to as “scam coins” and the “ultimate Ponzi.” Furthermore, the two Terra classic coins spiked significantly during the first week of July, but prices fell shortly after. During seven days in July, USTC increased by 470 percent.
The article was originally published on CBC