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Major cryptocurrencies like Bitcoin, Ethereum and BNB are down in price today – but the Terra network is experiencing a major pump.
TerraClassicUSD (USTC) has pumped over 470% in the past week. The rally in USTC price saw it rejoin the crypto 100. USTC is currently ranked 76th in the CoinMarketCap rankings with a market cap of $494 million.
Luna Classic (LUNC) has also pumped 69% from a low of $0.000058 to a high of $0.000098.
Meanwhile, the new Terra Luna token is up 7% today to a LUNA price of $2.31
Trading volume has been sky-high on the Terra Classic and Terra blockchain networks.
Terra LUNA saw a trading volume of $562 million on June 27th. This is up from a low of $238 million on June 22nd.
USTC meanwhile has seen trading volume grow from $13 million on June 25th to $87 million on June 27th. But the biggest hike in trading volume by far has been LUNC, up from $53 million on June 25th to $535 million on June 27th – over 900%.
It's not clear why LUNC, USTC and Terra Luna are growing in price today.
This week, the hacker activist group Anonymous released a new video accusing Do Kwon of cashing out up to $80 million a week prior to the Terra Luna collapse. Terraform Labs is still under investigation for fraud and money laundering, while many former workers are unable to fly out of the country.
Many Twitter users have pointed out huge increases in the Terra crypto wallet operated by Binance.
This wallet currently holds 2 trillion LUNC tokens and 827 million USTC tokens. This wallet represents all the tokens held by Binance users, however, and doesn't necessarily mean the Binance parent company is buying up LUNC and USTC.
Other Twitter users have claimed proposal 4080 – in which LUNC and USTC tokens should be burned – has recently gone live.
In the Terra Community pool there are currently 29,517 USTC tokens and 10.6 million LUNC tokens.
Both LUNC and USTC remain highly volatile tokens. Trading in these cryptocurrencies is not recommended unless you are an experienced investor.
After the Terra Luna collapse, the reflection token EverGrow Coin has seen an uptick in investors and trading volume. This is thanks to a more secure mechanism for passive income generation.
Many Terra supporters lost thousands and even millions after depositing UST into the Anchor Protocol which offered an APY as high as 19%.
EverGrow Coin also offers stablecoin rewards but through a far more scalable mechanism. EverGrow Coin charges a 14% transaction tax with 8% redistributed in the BUSD stablecoin. The transaction tax means the protocol is not at risk of collapsing during a bear market – you just see fewer BUSD reflections in your digital wallet.
For example, using one of the EverGrow Coin calculators, a $1,000 dollar investment in EverGrow Coin today (EGC 7 billion) would net you $51 in BUSD in a year at today's trading volume ($112,000).
But if daily trading volume remained at $3 million – as in April this year – you could earn $1,375 in BUSD in a year on your $1,000 EGC investment.
The project will launch an NFT marketplace, content subscription platform and metaverse integration in the next few weeks to maintain high trading volume once the bull market returns.
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