CoinMarketCap’s price predictions feature agreed by the crypto community, Terra Classic(LUNC) may experience an increase of over 570% by the end of the year. They expect this huge increase to be fueled by the 1.2% burn system implemented by some major exchanges, including Binance. Here are the details.
According to the price predictions feature of CoinMarketCap, the cryptocurrency community estimates that LUNC could be trading at $0.001978 before the end of this year. Participants cast their prediction votes using CoinMarketCap’s ‘Price Predictions’ tool.
It is worth noting that the altcoin price may not reach this level, given the historical record of the platform’s forecasts. According to the data, the average LUNC prediction on the platform had an accuracy of only 0.72% last month.
Koinfinans.com As we reported, Terra Classic is the rebranded version of the original Terra ecosystem that crashed earlier this year. When Terra’s ecosystem collapsed, its circulating supply skyrocketed from 340 million tokens to 6.9 trillion.
Terra Classic Team’s Plans to Reduce Altcoin Supply
The motivation behind this massive price prediction is the ongoing burn attempt that envisions reducing the circulating supply of 6.9 trillion LUNC to just 10 billion tokens. The 1.2% LUNC tax burn proposal has garnered support from the community, and the largest crypto exchanges are supporting the Terra Classic revival idea by implementing the LUNC burn proposal on all their transactions.
The price of Terra Classic rose earlier this month after leading exchange Binance announced that it would implement the burn mechanism. Binance CEO Changpeng Zhao stated that the exchange has burned about 5.6 billion LUNC tokens worth over $1.8 million. Binance’s next LUNC token burn is expected to take place on October 11.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.