The cryptocurrency community is predicting that the price of Terra Classic ($LUNC) will surge by over 200% this month to trade at $0.0005518 per token, as the community behind the cryptocurrency is making several developments to help it recover.
According to CoinMarketCap’s price estimate feature, which saw over 1,200 users vote on their predictions for the month of February, users’ average prediction is for the cryptocurrency will surge over 200% from its current $0.0001825 level.
It’s important to point out that the cryptocurrency community’s predictions may not come to life at all. According to the platform, the community’s historical accuracy is a little below 4%, with recent data showing it was at around 0% in December 2022 and hit 22.9% in January of this year.
The original Terra network collapsed in May 2022, when the value of its native token and an algorithmic stablecoin that relied on it both plunged to become nearly worthless. After the collapse, the original Terra ecosystem rebranded to Terra Classic, while a new, forked blockchain took the Terra brand with it.
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.
As CryptoGlobe reported, the price of $LUNC recently surged after its community approved the Terra Classic 11324 proposal to “Re-Peg USTC With LUNC,” which describes a way for the community to help $USTC’s price reattain its peg.
According to the proposal, $USTC having a stable price is critical for the Terra Classic network to “generate meaningful revenue,” and says that reneging stablecoins like USTC sees the community renege “one of its most potentially [sic] methods of making money: algorithmic foreign exchange trading and remittance.”
As reported, the Terra Classic community has been battling for increased adoption and even created a petition to get listed on cryptocurrency exchange Coinbase.
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