The price of USTC has spiked over the past 24 hours, from a low of $0.0104 to a high of $0.0431, then falling back to 0.0391 at the time of writing. There is no news or project- specific developments so the bullish move seems to be due to some strong buying.
USTC and even LUNC are considered “dead tokens” by most of the crypto community because the underlying network, the original Terra blockchain, is no longer used by developers to power dApp and other similar protocols. However, that is not enough to prevent speculators from engaging in operations with these two tokens.
So, should you buy USTC at this time? Of course, this is not financial advice and you should do your research before investing in anything.But well, as we mentioned above, given that there is no news or material events that justify the spike for USTC, there are definitely a lot of risks involved in this project, especially for average investors. Those appear to be market-manipulating players or arbitrageurs artificially jerking around the price and that is not the kind of environment an individual investor would want to be in. This is most likely what is known as a “dead cat bounce” or a “bull trap” that is not the type of environment an individual investor wants to join.
In other news, an international hacker group named Anonymous recently posted a video in which they vowed to bring Do Kwon’s illegal actions to the light. In this video, Anonymous claims that “there is significant evidence that Do Kwon had bad intentions from the start”. It looks like Do Kwon will now have bigger, more tangible threats to worry about.
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