Among the cryptocurrencies that have sparked the ire of the crypto community this year is Terra Classic (LUNC-USD). Formerly the Terra blockchain, which supported algorithmic stablecoin UST, Terra has since collapsed in dramatic fashion. Still, investor interest in Terra Classic price predictions remains high, as this coin sports an impressive rebound.
Terra Classic dropped as low as $0.00001675 — a fraction of a penny — as the network’s developer team seemingly abandoned the Terra community. Today, this coin rallied more than 55% to $0.00028 (only three zeros rather than four). This comes as news around weekly token burns provides improved investor sentiment in the Terra community.
One of the key reasons for Terra Classic’s dramatic decline has been unlimited coin issuances used to stabilize its former UST stablecoin. However, with Terra Classic now having moved on from the algorithmic stablecoin game, developers have put forward token burn proposals to tackle the inflation issue.
Notably, this week, the Y5 crypto exchange announced it will assist in implementing these weekly token burns. An effective tax of 1.2% on all transactions will be burned, lowering the supply of LUNC in the market. For investors in LUNC crypto, this is a good thing.
With that said, let’s dive into where the experts see this coin going from here.
Terra Classic Price Predictions
For context, LUNC currently trades at $0.00028.
- WalletInvestor provides a 1-year and 5-year price target of $0.000219 and $0.000595, respectively, for LUNC.
- DigitalCoinPrice chimes in with 2023 and 2027 price targets of $0.000398 and $0.000624 for this coin.
- Finally, Coinpedia suggests LUNC could hit potential highs of $0.0007818 in 2023 and $0.00285 in 2025.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.