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HomeCrypto NewsMarketHere’s How Much LUNC Must Be Burned For Price to Hit $0.01

Here’s How Much LUNC Must Be Burned For Price to Hit $0.01

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An independent validator stated that the Terra Classic community needs to burn 2T LUNC to hit $0.01.

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The Terra Classic community has continued to focus on reducing the supply of LUNC via burns to bolster the token’s price. In a recent tweet, @lunctts, the Twitter handle of an independent LUNC validator “LUNC To The Sun (LUNCTTS),” revealed the number of LUNC the community needs to incinerate to boost the token’s price to $0.01.

According to LUNCTTS, the Terra Classic community has to burn a whopping 2T LUNC, representing 30% of the supply, to achieve the price target of $0.01 per token. Per LUNCTTS’ analysis, burning 30% of LUNC supply will reduce the asset’s total supply to 4.81T. Furthermore, LUNCTTS eyes a market cap of $48B to enable LUNC to hit the $0.01 price target.

“LUNC COMUNNITY we have to burn 30% of $lunc to see it at $0,01 all together we can, but we all need to work for the same target, we need to focus on burns,” LUNCTTS noted in a tweet. 

While the LUNC Classic validator understands the difficulty in achieving the goal, it stressed that hitting the target would require commitment from the entire Terra Classic community.

LUNC Holders Choose Staking

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“LUNC To The Sun” further called on the community to make suggestions to accelerate the ongoing burn campaign.

Many enthusiasts suggested that LUNC staking would be the community’s best shot at reducing the circulating supply. However, LUNCTTS said staking is not a long-term solution to reducing the token’s supply, as users will eventually withdraw the cryptocurrency from these staking pools after 21 days.

In October, Terra Rebels, an independent group focused on revitalizing the Terra ecosystem, stated that there is a need to create utilities via decentralized applications to accelerate burns.

Ongoing LUNC Burn Campaign

According to data from LUNC Penguins, 36,008,682,310 (36B) LUNC have been incinerated from the supply. Binance, the world’s largest cryptocurrency exchange by 24-hour trading volume, has contributed immensely to the ongoing LUNC burn campaign. The exchange has successfully burned 20.1B LUNC via the fees obtained from LUNC trading activities.

LUNC burn tax; an initiative implemented to deduct 1.2% tax from all Terra Classic on-chain transactions, has also helped to reduce LUNC supply. Data from LUNC Penguins shows that the tax burn is responsible for the incineration of 11.12 billion LUNC.

Aside from Binance and Burn Tax, independent projects, including LUNCDAO, Terra Casino, and Luna Station 88, have supported Terra Classic’s burn campaign.

At press time, LUNC is down 8% in the past 24 hours, following a broad selloff in the crypto market. According to Coingecko data, LUNC is changing hands at $0.00014407.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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