The cryptocurrency community predicts that the price of Terra Classic ($LUNC) will rise by more than 200% this month to trade at $0.0005518 per token, as the cryptocurrency’s community works to help it recover.
According to CoinMarketCap’s price estimate feature, which saw over 1,200 people vote on their forecasts for the month of February, the cryptocurrency’s average projection is that it would rise more than 200% from its present $0.0001825 level.
It’s vital to note that the bitcoin community’s forecasts may never come true. According to the site, the community’s historical accuracy is little less than 4%, with current statistics indicating that it was approximately 0% in December 2022 and reached 22.9% in January of this year.
The original Terra network imploded in May 2022, when the value of its native currency and an algorithmic stablecoin that relied on it both plummeted to near zero. Following the collapse, the old Terra network renamed as Terra Classic, while a new, forked blockchain inherited the Terra identity.
When Terra’s ecosystem disintegrated, its circulating supply increased from 340 million tokens to 6.9 trillion, and to fight the inflation, $LUNC supporters imposed a 1.2% tax burn on all network transactions.
According to CryptoGlobe, the price of $LUNC recently increased after its community supported the Terra Classic 11324 proposal to “Re-Peg USTC With LUNC,” which offers a mechanism for the community to assist $USTC’s price in regaining its peg.
According to the proposal, having a stable price for $USTC is critical for the Terra Classic network to “generate meaningful revenue,” and rejecting stablecoins like USTC causes the community to reject “one of its most potentially [sic] methods of making money: algorithmic foreign exchange trading and remittance.”
As previously reported, the Terra Classic community has been fighting for more adoption, including starting a petition to be listed on the cryptocurrency exchange Coinbase.