Terra Classic (LUNC), once a prominent player, now stands at the 103rd position in terms of market capitalization, raising questions about its potential to re-enter the top 100.
Investors are now speculating about LUNC’s trajectory: will it ascend back into the top 100 crypto assets by market capitalization, or will it fall short?
Furthermore, it remains to be seen whether Terra Classic’s association with a major crypto exchange like Binance has significant implications for LUNC, especially in light of recent developments and news surrounding the exchange.
Terra Classic price prediction for the start of 2024. Source: Finbold and Google Bard
However, readers should approach cautiously and acknowledge that the projected range is speculative. Due to the inherently unpredictable nature of cryptocurrency prices, the actual price of LUNC at the start of 2024 might deviate, either exceeding or falling below this range.
Factors to consider regarding Terra Classic
As one of the main factors, the chatbot highlighted the burn mechanism and supply reduction.
The “effectiveness of the burn mechanism and the overall reduction in LUNC’s circulating supply will play a vital role in its price movements. A successful burn mechanism that consistently removes LUNC from circulation will create a deflationary environment, potentially increasing the value of the remaining tokens.”
Additionally, the AI platform highlighted the importance of Terra Classic’s community:
“The activity and support of the Terra Classic community and ongoing development efforts will significantly impact LUNC’s price. A strong and active community can attract new investors and users, boosting demand. Continuous development and improvements to the Terra Classic ecosystem can enhance its utility and appeal, driving up its price.”
The importance of the community is highlighted in the recent news of Proposal 11874, titled “Upgrade to v2.3.0,” which has been officially approved. The primary objective of this proposal was to implement the dyncomm module, incorporating protocol logic to determine minimum validator commissions based on voting power.
Terra Classic Community, The community has given its approval through governance voting for the proposed Terra Classic upgrade, version 2.3.0. #LUNC #LUNCcommunity $LUNC pic.twitter.com/RZAI8VoZh2
— Terra Classic Community (@marketinglunc) November 18, 2023Another noteworthy development is the recent declaration from Binance, one of the largest cryptocurrency exchanges globally. Binance intends to modify the leverage, margin tiers, and capped funding rate for various crypto perpetual contracts, including the 1000LUNCUSDT contract.
LUNC price analysis
Terra Classic was at press time trading at the price of $0.000071, recording a decrease of -5.33% on the day, in addition to decreasing -12.43% across the previous week. Nevertheless, the token gained 22.93%% over the past month, according to the latest data retrieved by Finbold on November 22.
Terra Classic 30-day price chart. Source: Finbold
It is important to note that this crypto token is trading below its 200-day moving average and has experienced just 14 green days in the previous month.
Despite this, it boasts high liquidity and availability on Binance, coupled with a negative yearly inflation rate of -3.29%.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
