Before its collapse in 2022, Terra was regarded as one of the highest crypto projects. Despite the crash of Terra (LUNA) in May 2022, which resulted in an estimated 99% loss in value and a rebranding from Terra Luna (LUNA) to Terra Classic (LUNC), Terra Classic is still attracting potential investors.
While it would undoubtedly take some time for Terra Classic (LUNC) to attain previous heights, the platform seemed to grab headlines with its market trends.
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Presently, the crypto market has been crumbled by the bearish storm, resulting in drastic declines in crypto market activities.
However, crypto enthusiasts are hopeful a massive rally will soon set in, and with this in mind, seasoned crypto experts have given their assessments and predictions of what crypto users should expect from Terra Classic (LUNC) by the end of 2023. The analysis by selected crypto specialists considered both fundamental factors and the developments within the network.
Leo Simgel, the founder of Analyzing Alpha, was convinced that Terra Classic did well to rebuild the project despite the 2022 collapse.
Per Simgel, LUNC tokens have shown the potential to attain maximum height, noting the project’s efforts to stage a stunning comeback by focusing on a unique key revival strategy.
In addition, Simgel noted that the main challenges encountered since Terra Classic’s resurgence have mostly been due to declining user adoption and the departure of developers. The Terra team considered a proposal to implement a burning tax of 1.2% on LUNC transactions, which it hopes would reduce the token’s massive supply to 10 billion and also mitigate the impacts stemming from over-minting.
Leo Simgel noted:
“Big players like Binance and KuCoin are on board, further boosting LUNC’s potential. Their participation in the burn initiative reinforces the revival efforts and could inspire more exchanges to join the ranks. The sustained burn initiative combined with this support can pave the way for LUNC’s short-term growth and trading volumes.”
Analyst: Terra Classic (LUNC) Gearing Up for 15x Price Breakout. Here’s the Chart
Gustaf Kornias, the owner of The Crypto Breakdown, pointed out the same issue of a decline in user adoption, noting that the decentralized open-source platform is witnessing a plunge in the number of trusted users.
Gustaf maintained that the Total Value Locked (TVL) on Terra Classic reduced drastically after LUNA’s crash. Presently the TVL is pegged at $2.7 million, which is remarkably lower than previous levels.
Gustaf stated, “When it comes to the growth of its developer ecosystem, most high-profile projects have abandoned Terra Classic. These projects have either built their application-specific blockchains in the Cosmos ecosystem or simply migrated to other Cosmos blockchains such as SEI, Osmosis and Injective.”
Speaking further, the Crypto Breakdown owner added, “In other words, having capital and developers abandoning your blockchain is more or less a death sentence, and we see little reason why either would return. In short, we think it’s highly unlikely that Terra Classic will ever find the type of momentum that it once had as there are too many superior alternatives for developers to choose from.”
Gustaf did not fail to identify a significant factor that he felt could contribute to a future price increase for Terra Classic (LUNC). The Crypto Breakdown owner also pointed out the power of memetic influence that has helped meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and others. According to Gustaf, the LUNC token appears set to become a meme coin, and competition from other newly developed meme coins would be inevitable.
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Craig Leontowicz from HowToBuyBitcoin101.com gave a blunt review of Terra Classic future price. According to Craig, a further fall in market value by 50% to an estimated $0.00004259 by the end of 2023 seems inevitable.
Craig Leontowicz noted
“The current price of Terra Classic, at the time of this writing, is $0.00008519. That’s four zeros in the decimal point number. Who is trading this? My price prediction for the end of 2023 for this esteemed digital asset is $0.00004259. Or down about 50%. The only pumps in Terra will be to the downside.”
Presently LUNC’s data on CoinGecko states that the token is selling for $0.00008827 and is up by 0.7% in the last 24 hours,
Also in the last day, LUNC has witnessed a $0.00008712 price low and a $0.00008911 price high with a 24-hour trading volume of $20,080,790 and a market cap of $517,662,685.
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