Terra Classic Price Predictions See $LUNC Double by End of November
Price predictions made by the cryptocurrency community have revealed investors expect the price of Terra Classic ($LUNC) to double by the end of November and to surge by around 800% until the end of the year.
According to CoinMarketCap’s price estimates feature, the cryptocurrency community sees $LUNC end the year at $0.001583 per token, up around 80% from its current price tag of $0.0001755 per token. The predictions also include $LUNC trading at $0.0003568 by the end of this month.
It’s important to point out that the cryptocurrency community’s predictions may not come to life at all. The platform’s data shows that its average $LUNC predictions had an accuracy of just 0.72% last month, suggesting that the cryptocurrency’s supporters may be behind these predictions.
Terra Classic is the rebranded version of the original Terra ecosystem, which collapsed earlier this year. When Terra’s ecosystem collapsed, its circulating supply jumped from 340 million tokens to 6.9 trillion, and to combat the inflation $LUNC supporters have added a 1.2& tax burn on all transactions conducted on the network.
Terra Classic’s price surged last month after leading exchange Binance announced it will implement the burn mechanism to burn all trading fees on $LUNC spot and margin trading pairs. As reported, Binance CEO Changpeng Zhao noted the exchange burned around 5.6 billion LUNC tokens, at the time worth over $1.8 million, during its first burn. Its latest burn removed 2.5 billion tokens from circulation.
Notably, a popular cryptocurrency whale known as Gigantic Rebirth on the microblogging platform Twitter has revealed a massive bet of around $8 million against Terra Classic.
The announcement referenced a second time GCR has done this, as the trader is well-known in the cryptocurrency community for shorting Terra before the collapse, at the time making a bet with Do Kwon himself that the price of its $LUNA token would drop below the $92 line within a year. At stake were $10 million.
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