News - Terra (LUNA) achieves its largest price gain in over a year.

By Mike Hesp

Terra (LUNA) achieves its largest price gain in over a year.

Terra Luna Classic (LUNC)
Terra Luna (LUNA)
Price update

Terra ecosystem tokens, which had actually been declared dead, are the surprising winners of the day in the altcoin sector. Why Terra's cryptocurrencies are rising.

Terra ecosystem tokens are currently making a brilliant price rally by. According to data from Coingecko stablecoin TerraClassicUSD (USTC), formerly UST, is experiencing the strongest growth.

USTC has risen a whopping 300 percent in the past 24 hours. This puts the stablecoin at its highest value since shortly after its devastating fall from $1 to $0.006 in May 2022.

In addition, Terra Luna Classic (LUNC), the second of the two failed coins, by more than 40 percent within 24 hours.

The reason for the sudden rise is unclear. Possibly the news surrounding the extradition of Terra's wanted ex-CEO, Do Kwon, plays a role.

He is wanted internationally by the U.S. and South Korea for billions in fraud. A resolution of his case would potentially offer hope for aggrieved investors.

Both LUNA and UST have been in a slump since Terra's collapse.

It is true that both have repeatedly experienced short-term price gains caused by manipulation or bot trading. However, they are unlikely to ever return to their all-time highs, which are still between 90 and 100 percent away from their current levels.

In the aftermath of the collapse, the community continued the project. While the failed tokens were labeled "Classic," a new token (LUNA) was created. This token has also shown strong price growth of nearly 30 percent in the past 24 hours.

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