USTC pumps again today – up 12% to $0.065

The fallen algorithmic stablecoin USTC is pumping in price yet again.

TerraClassicUSD (USTC) is trading at a price of $0.065 and is up 12% over the past seven days. USTC is up a massive 140% over the past week.

From a low of $0.008, USTC began an unlikely price pump on June 24th.

By June 29th, USTC has reached a price of $0.09 – a price increase over 1,000%. Analysts across the crypto space expected USTC to fall as quickly as it rose. USTC did fall. But only to $0.05 before pumping once more.

Will USTC regain its $1 peg?

Back in May, the TerraUSD stablecoin was holding a price pegged to the US dollar.

UST, as it was known, maintained this price through arbitrage with the former Terra LUNA token. When the UST peg price fell below $1, traders could exchange $1 of LUNA for 1 UST and earn some ROI when the UST peg rose once again.

USTC still has to grow over 1,400% if it wants to recover to $1.

While in theory, this is possible, the arbitrage mechanism that maintained the UST price was switched off when the Terra LUNA network collapsed in mid-May. Even if USTC gets back to a price of $1 it won't be able to hold this price as there are no algorithms incentivising traders to mint new UST or mint new LUNA tokens.

The new breed of crypto passive income – EverGrow Coin

Reflection tokens are fast becoming the top cryptocurrencies for crypto passive income.

EverGrow Coin is the biggest token paying stablecoin reflections in BUSD. Since launching in September last year, more than $37 million BUSD has been rewarded to investors.

EverGrow Coin charges a 14% transaction tax on all buy/sell orders with 8% distributed immediately as BUSD. Passive income from reflections is becoming more and more popular because they are infinitely scalable. When trading volume is low and crypto in a bear market, the protocol doesn't collapse – it just pays fewer rewards.

For example, EverGrow Coin trading volume is at $111,000 today, meaning $8,880 BUSD for investors.

But when trading volume reached its peak in 2022 at $12 million in a day, that meant $960,000 for investors.

EverGrow Coin is also leading the reflection space thanks to a suite of utilities. The first of these – the LunaSky marketplace – will drop in the next few weeks and directly compete with OpenSea for NFT marketplace supremacy.

EverGrow Coin investors will benefit as 100% of LunaSky profits are put towards buying up EGC and burning it from the supply.

EverGrow Coin can do this as all core development salaries are paid for by BUSD rewards since everyone involved in running the project is an investor.