CoinMarketCap’s Price Estimates Feature Sees Terra Classic (LUNC) Surge Over 570% By End of 2022

CoinMarketCap’s price estimates feature, which is decided by the crypto community, sees Terra Classic (LUNC) surge over 570% by the end of the year. They likely expect this massive surge to be ignited by the 1.2% tax burn implemented by some major exchanges, including Binance.

This prediction shows that LUNC may trade at $0.001978 before this year ends.

Read Also: Do Kwon Speaks On the Chance of Burning His Terra Classic (LUNC) Holdings

It should be noted that this prediction may likely not happen considering the past records of the platform’s forecasts. According to data, the average LUNC prediction on the platform had an accuracy of only 0.72% last month, suggesting that the digital asset’s enthusiasts are behind this and previous predictions.

Terra Classic Team’s Plans to Drastically Reduce 6.9 Trillion LUNC Supply

The motivation behind this exorbitant price prediction is the ongoing burn initiative that projects to drastically reduce the mammoth 6.9 trillion LUNC circulating supply to just 10 billion tokens.

The 1.2% LUNC tax burn proposal got the support of the community and the biggest crypto exchanges are also buying the idea of Terra Classic revival by implementing the LUNC burn proposal on all their transactions, including spot and margin trading pairs.

It’s worth mentioning that Terra Classic is the rebranded version of the original Terra blockchain, which got imploded in May, resulting in the crash of the algorithmic stablecoin TerraUSD (UST) and LUNA, now LUNC.

Read Also: Number of Terra Classic (LUNC) Tokens Burned By Binance in a Single Transaction Announced

After the historic collapse, LUNC’s circulating supply jumped from just 340 million tokens to 6.9 trillion. In order to recover the asset’s value, there’s a need for a massive burn. This brought about the 1.2% tax burn on all transactions, including on-chain and off-chain.

The price of the imploded digital token surged earlier this month after Binance, the world’s largest crypto exchange, announced that it will implement the proposal on all LUNC transactions on its trading platform.

On Monday this week, Binance announced that about 5.6 billion LUNC tokens have been destroyed. So, the next announcement of tokens burned by Binance is expected on the 11th of October.

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