Terra Classic (LUNC), formerly known as LUNA before the May 2022 crash, is trading close to its all-time low. At the time of writing, the token is trading for $0.0001726 per coin.
While many Terra Classic proponents and investors are predicting LUNC to hit the $1 mark in the future, a top crypto influencer recently said that $0.001 is more practical for the embattled token to touch.
Terra Classic (LUNC) Heading to $0.001
The Terra Classic native token LUNC continues to underperform following the fall of Do Kwon’s ecosystem earlier this year. Coupled with the general crypto market turbulence, LUNC has fallen more than 100% from its all-time high of $119.18.
According to Classy Crypto, a pseudonymous validator on the Terra Classic network and a known influencer in the crypto community, LUNC is likely to hit a $0.001 mark price sooner than later. In other words, Classy Crypto expects LUNC to increase by over 479% in the near term, from its price of $0.0001726, at press time.
Although he mentioned that his LUNC price prediction is not financial advice, the continuous developments recorded in the Terra Classic ecosystem are a pointer that LUNC could reach the forecasted dollar valuation in the coming weeks or months.
“My own personal opinion on $LUNC is. LUNC to $0.001. NFA,” Classy told his over 55k Twitter followers on Sunday.
— Classy 👾 (@ClassyCrypto_) December 4, 2022
LUNC Burn Gains Momentum
In addition to the numerous developments introduced in the Terra Classic ecosystem, the reduction of the hyperinflated LUNC supply is one of the community’s initiatives to stage a price rally for the token.
The community stays committed to the goal of burning LUNC and taking the total supply from approximately 6.9 trillion to 10 billion. This led to the activation of LUNC tax burn on the Terra Classic network. Subsequently, several projects that support LUNC burning were rolled out including the Terra Classic Lottery Game, Terra Classic Casino project, and an NFT marketplace among others.
As earlier reported, TerraCVita, an independent group working towards the revitalization of Terra Classic, is on track to deploy a decentralized exchange on the Terra Classic blockchain, designed to support the LUNC burning expedition.
At the time of writing, Terrarity, the leading LUNC burn tracking platform showed that the total amount of LUNC burned is 35,483,976,755 (~35.5 billion). Binance, the world’s largest blockchain ecosystem, and crypto exchange is the top contributor to the LUNC burn initiative. Data show that Binance alone destroyed over 50% of the total LUNC burned.
On December 1, 2022, Binance sent a whopping 6.3 billion LUNC to the Terra Classic burn wallet in one transaction. Therefore, out of the 35.5 billion LUNC burned, 20.1 billion LUNC were taken out of circulation by CZ’s Binance through the 0.2% tax initiative.