Top Terra Classic Influencer Gives Favorable LUNC Price Prediction.
A top LUNC influencer has high expectations for Terra Classic. Classy Crypto, a top LUNC influencer, has predicted that the token’s price will surge to $0.001. Classy Crypto did not specify the time and date he expects LUNC to surge to that price level.
He also told his followers that the tweet should not be taken as financial advice, as the prediction is his personal opinion.
“My own personal opinion on LUNC is… LUNC to $0.001. NFA [Not Financial Advice],” Classy Crypto tweeted.
— Classy 👾 (@ClassyCrypto_) December 4, 2022
Terra classic community is always pushing for a $1 LUNC price, But Classy says it is more likely that LUNC can revisit $0.001 rather than $1.
However, in our in-depth analysis, The Crypto Basic highlighted two factors that could contribute to LUNC’s journey to $1, which include real-world utility, and increased burns. The community is torn between which is of greater importance.
Efforts to Revive LUNC
Formerly referred to as LUNA, LUNC is currently a shadow of itself after the Terra ecosystem collapsed. LUNA surged to an all-time high of nearly $120 on April 5, 2022, before the fall of the Terra ecosystem. After the Terra network’s rebirth, the Do Kwon team made it clear that its focus is on the newly launched Terra tokens – LUNA and UST, abandoning Terra classic.
After it became clear that the Terra team had deserted the old tokens, Terra classic community members took it upon themselves to revive the values of LUNC and USTC via several initiatives.
Some of the efforts launched by the community include implementing a tax burn proposal for all Terra Classic on-chain transactions and other individual efforts to burn and reduce LUNC supply.
As of December 1, over 35 billion tokens have been incinerated from LUNC supply, with Binance responsible for most of the token’s burns. Earlier this month, Binance sent 6.3 billion LUNC worth $1 million to a dead wallet, bringing the exchange’s total LUNC burns to 20.1 billion.
As part of efforts to reduce LUNC total supply, the community has also staked 884.75 billion LUNC. It is worth noting that other projects are being used to accelerate LUNC burns.
TheCryptoBasic reported last month the launch of a casino capable of burning 26 billion LUNC tokens. Shortly after its launch, the casino burned its first 1 million LUNC.
Despite the number of LUNC incinerated, the cryptocurrency still has a circulating supply of 5.97 trillion, according to Coingecko data. In a report published recently, Tobias Andersen (Zaradar), a member of Terra Rebels, an independent development group, opined that the fastest way to reduce LUNC supply is to implement lower burn fees, re-enable swaps, and incentivize economic activities.
If the community can reduce LUNC supply, it is expected that more people will adopt cryptocurrency. It won’t be long before the asset’s price is boosted to $0.001, as predicted by Classy Crypto.
Meanwhile, LUNC is trading at $0.00017733, up 0.6% in the past 24 hours. The coin is also up 8.7% in the past week and 11.2% in the last two weeks.