5 months ago 2 min read

End of November Will See Terra Classic's ($LUNC) Price Doubled


The cryptocurrency community expects $LUNC will end the year at $0.001583 per token, up around 80% from its current price of $0.0001755 per token, according to CoinMarketCap's price projections tool. By the end of this month, $LUNC is expected to trade at $0.0003568.

Source: CoinMarketCap

It's critical to note that the predictions made by the bitcoin community may not be realized at all. According to the platform's data, its average $LUNC predictions were just 0.72% accurate in the previous month, which suggests that those who support the coin may be responsible.

The original Terra environment, which disintegrated earlier this year, was relaunched as Terra Classic. As a result of the collapse of Terra's ecosystem, the number of tokens in circulation increased from 340 million to 6.9 trillion. To counteract this inflation, advocates of $LUNC have imposed a 1.2& tax burn on all network transactions.

After major exchange Binance said it would deploy the burn mechanism to burn all trading fees on $LUNC spot and margin trading pairs, Terra Classic's price skyrocketed last month. According to reports, Binance CEO Changpeng Zhao claimed that during its initial burn, the exchange burnt over 5.6 billion LUNC tokens, which were then valued at more than $1.8 million. In its most recent burn, 2.5 billion tokens were taken out of circulation.

Notably, a well-known cryptocurrency whale on Twitter going by the handle Gigantic Rebirth disclosed a sizable wager of about $8 million against Terra Classic.

The announcement made reference to a second instance of GCR doing this. The trader is well-known in the cryptocurrency community for shorting Terra prior to its collapse and for betting with Do Kwon himself at the time that the price of its $LUNA token would fall below the $92 mark in less than a year. $10 million were on the line.

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