Can Terra Classic (LUNC) reach $0.01 soon.?
The Terra Classic community is driving on a dream to clinch the $1 price point, strengthened more than ever following the 1.2% tax burn implementation just days ago.
However, in the three days since the tax burn has been implemented, only about 540 million LUNC has been burned. That is an average of 193 million daily, and should nothing change, 70.45 billion yearly. It is a far cry from projections by LUNC Burn, an unofficial Twitter account tracking LUNC burn activity. Last week’s numbers predicted that as much as 720 billion LUNC could be burned yearly.
As such, it puts projections of a $1 price point out of reach in the near future, as analysis on The Coin Perspective shows that with a supply of 6.83 trillion, which will be the new supply volume following a year of burning at the current rate, it would need a corresponding market cap of $6.8 trillion (deducting 720 billion LUNC from the current supply), which is frankly impractical.
However, $0.01 may be well within reach within this period under certain conditions that are not so uncommon in the crypto space. According to data from The Coin Perspective, the project will need a market cap of about $68.3 billion to clinch the $0.01 price point.
While this is nearly 70 times the current market cap, it may not be impossible to achieve, especially in a crypto market bull run. It bears mentioning that Dogecoin, generally seen as the meme coin king, once had a market cap of about $88 billion in May 2021. To put it in perspective, this exceeds the current market cap of Tether by over $20 billion, all fueled by the hype surrounding Elon Musk’s support of the token with little to no utility.
Notably, Santiment Feed recently reported that LUNC is showing similar characteristics to other popular meme coins like DOGE and Shiba Inu just before they went parabolic in terms of volume and price action. Add this to LUNC classic’s active development team and community, and we could witness the crowning of another meme coin king in the next bull run.
LUNC is currently trading at the $0.0002693 price point, 4.86% lower in the last 24 hours. Therefore, a rise to $0.01 will represent a 3600% increase.