The cryptocurrency community is seemingly expecting the price of Terra Classic ($LUNC) to surge over 570% by the end of the year, presumably over the network’s 1.2% tax burn on all transactions that is supported by leading exchange Binance.
According to CoinMarketCap’s price estimates feature, the cryptocurrency community sees $LUNC end the year at $0.001978 per token, up around 577% from its current price tag of $0.0002918 per token. The prediction builds on one predicting a 400% rise in October to $0.001457 per token.
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 earlier this 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.
Binance’s next LUNC token burn is expected to occur on October 11. The burn is conducted by sending trading fees generated on LUNC spot and margin trading pairs to the LUNC burn address.
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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