The value of Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem, continues to trade in the red as the token attempts to recover amidst the overall market’s downward sentiment. Notably, the LUNC community is implementing a series of initiatives that are touted to potentially impact the token’s value.
In this case, the future price projection of LUNC remains a matter of interest within the community, given the sustained recovery efforts. Although the price of LUNC remains uncertain, Finbold sought perspectives on its valuation by engaging PricePredictions.com, which uses machine learning algorithms to provide further insights into the potential price movement of Terra Classic at the end of September.
According to the tool’s predictions, LUNC is expected to trade at $0.000060 on September 30, 2023, based on information retrieved on September 6. The projection suggests a continued correction in the token’s value, with an estimated price decrease of approximately 0.6%.
LUNC banking on network upgrades
Notably, the projection paints a rather pessimistic picture for LUNC despite the token initially displaying bullish tendencies. Terra Classic experienced a brief surge in early July when Binance announced its support for the Terra network upgrade.
Regarding network upgrades, the community is voting on a proposal for the v2.2.1 core upgrade by the developer, L1 Task Force. This upgrade aims to introduce several key features, including a Cosmos SDK upgrade, a migration to CometBFT for Tendermint, IBC-go to v6, and the implementation of changes previously approved through governance voting, such as splitting the burning tax to the distribution module. This upgrade is expected to have a significant impact on the future value of LUNC.
At the same time, the Terra Classic community passed a crucial proposal to implement dynamic minimum commissions for validators based on their voting power. This proposal aims to enhance decentralization and fortify the Terra Classic network against potential vulnerabilities.
Furthermore, the community will rely on other initiatives, such as ongoing burning mechanisms, to enhance the network’s utility.
LUNC price analysis
By press time, Terra Classic was trading at $0.0000605 with daily losses of about 0.6%. Over the past seven days, the token is down over 5%.
Finally, it’s worth noting that a previous Finbold report indicated that if LUNC were to reach its all-time high market cap, the token would likely trade at $0.0070446, which is approximately 99.99994% lower than its record price of $119.18.
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