The cryptocurrency community expects the price of Terra Classic (LUNC) to jump over 570 percent by the end of the year. Behind this, it is thought that there is excitement about the 1.2 percent tax burn, which is also supported by Binance. Here are the details…
CoinMarketCap community shared their LUNC predictions
With CoinMarketCap’s price predictions feature, the cryptocurrency community has shared their year-end LUNC predictions. The community predicts that by the end of the year, LUNC will rise from its current price of 0.0002918 to $0.001978. This indicates an extreme increase of 577 percent from its current price. The forecast comes on top of the forecast for an October rise of 400 percent to $0.001457 per token.
It is important to note that the predictions of the cryptocurrency community may not come true at all. The platform’s data shows that average LUNC predictions were only 0.72 percent accurate last month. In other words, it is possible that LUNC fans are making these bullish predictions.
Terra Classic is on the agenda with tax burning hype
Terra Classic is the new version of the original Terra ecosystem that crashed earlier this year. When Terra’s ecosystem collapsed, its circulating supply skyrocketed from 340 million coins to 6.9 trillion coins. Recently, LUNC supporters implemented a proposal to combat inflation. They added a 1.2 percent tax burn to all transactions made on the network. Terra Classic’s price gained momentum as leading exchange Binance backed the burn.
The exchange announced that it will burn all trading fees (including spot and margin). Following the announcement, the coin’s value surged earlier this month. As reported, Binance CEO Changpeng Zhao made announcements regarding the amount burned. He noted that the exchange had burned about 5.6 billion LUNC tokens, worth over $1.8 million at the time. Binance’s next LUNC token burn is expected to take place on October 11. Burning takes place by sending the trading fees and margin trading pairs generated in LUNC transactions to the LUNC burning address.
Giant whale chasing LUNC
Meanwhile, Terra Classic attracts whales, who are big investors. Notably, a popular cryptocurrency whale known on social media platform Twitter as Gigantic Rebirth has set about $8 million against Terra Classic. This is the second time Gigantic Rebirth has made such a massive acquisition. The trader was well known in the cryptocurrency community for shorting Terra before the crash. At that time, he made a bet with Do Kwon that the price of the LUNA token would drop below $92. At the time of writing, the coin is changing hands at $0.0002939, up 1.3 percent.
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