The crypto market as a whole is witnessing record lows in a bearish market, as prices for a variety of cryptocurrencies continue to plunge. Not only have various small crypto firms closed up shop, but others have seen their prices drop by as much as 70%.
In such market conditions, investors are holding out hope for different market conditions that could turn out a lot better. They are looking for the next big cryptocurrency that could soar to the sky and help the market raise as well, which neatly brings us to Terra Classic.
The collective crypto community is currently holding out hope for Terra Classic since they believe that it will rise as much as 570% when the year ends. While some could say that this is optimistic, others would agree that such rapid improvement can be seen as delusional as well.
Why Do Investors believe it Will Increase?
Every major cryptocurrency has one major selling point, which can sometimes be as simple as faster transfer speeds. And in the case of Terra Classic, its unique selling point is its tax burn on all of the transactions that Binance supports. More specifically, investors can expect a tax burn of 1.2% when they make transactions supported by Binance.
CoinMarketCap has a price estimate feature where people can leave how much they think a certain token will improve. And on average, people were expecting this particular token to increase by as much as 577%.
Following the price increase, the new price for Terra Classic will reach $0.001978, from its original $0.0002918 for each token. Some are even going as far as to say that their prices will increase to $0.001457 by the end of October, which is a rise of almost 400%.
It is important to understand that the community’s predictions are influenced by a gut feeling and not actual data. Therefore, these optimistic results will possibly not come to life at all, since most of the individuals making these predictions did not use any specific methods to come to that conclusion.
The platform’s data has shown that these predictions in the last month of the accuracy of just 0.72%. Given the overly optimistic predictions, it is likely that people who support the coin are the ones making the predictions, hopefully, to bring in gullible investors.
Just a Rebranded Cryptocurrency
The worst part about Terra Classic is that it is a rebrand of the infamous Terra ecosystem, which was responsible for erasing billions of dollars off the crypto market. Some investors still have fresh memories of that collapse, which is why they are not easy to trust this new company.