Terra Classic Could 10x at a $6B Market Cap If Staked Amount Doubled. The asset’s market capitalization is currently at $711 million.
The Terra Classic (LUNC) community remains committed to the asset’s revitalization movement, with renewed optimism hitting the camp lately. Most recently, Rex “Rexyz” Harrison asserted that LUNC has the potential to increase by 10x if its market cap reaches Shiba Inu’s valuation of $6 billion and the current amount of staked tokens doubles.
Comparison of SHIB & LUNC Supplies
Rexyz’s theory came after a recent comparison between Shiba Inu and Terra Classic. Cryptomane, a LUNC community influencer, took to Twitter to assess the possibility of both assets reaching the shared goal of mitigating their extensive supplies.
Let us compare the 2 #DeFi that aim to burn as many tokens as possible to mitigate the problem of too much circulating supply:$LUNC > 6.8 Trillion tokens🔥$SHIB > 589 Trillion tokens🔥#terraport will burn 49% of tokens weekly between 27% $LUNC and 22% $TERRA of its treasury.… pic.twitter.com/8KdS7rFHnT
— Cryptomane (@cryptomaneitaly) March 27, 2023
Terra Classic has a total supply of 6.8 trillion tokens, whereas Shiba Inu has a supply of 589 trillion tokens, which is over 86.6 times greater than LUNC’s. Both tokens share a common goal of significantly reducing their respective supplies to support their price actions.
Terraport, the upcoming DeFi platform for Terra Classic, intends to burn LUNC tokens using 27% of its treasury. Similarly, Shibarium, Shiba Inu’s layer-2 solution, aims to burn SHIB tokens using 70% of every base transaction fee.
Cryptomane believes that LUNC will likely achieve its supply reduction goal faster than SHIB, owing to its significantly lower supply. However, this is merely speculative, as the rate of token burns for both assets will be subject to various factors, including the volume of transactions processed by Shibarium and Terraport’s volume.
Could LUNC Surge by 10x?
Responding to the comparison, Rexyz pointed out that Shiba Inu’s market capitalization of $6.12 billion is much higher than Terra Classic’s, which currently stands at $711 million, indicating that SHIB’s valuation is 86 times the valuation of LUNC. However, SHIB is currently trading for $0.00001038 while LUNC has a price of $0.0001208.
Interesting comparison 🙏
Also:#SHIB = $6bn mkt cap#LUNC = $700m mkt cap
🤔 If LUNC was $6bn and staking doubled each LUNC could in theory x10 in value, and ⬇️
To burn 75% of:
SHIB = $4.5bn
LUNC = $530m
If burnings your thing, which is the meme to back? 🤔@_Terraport_ 🔥 https://t.co/eSYqx6Ig9t
— Rexyz (@RexYellerBelly) March 27, 2023
Rexyz suggests that if LUNC were to achieve SHIB’s market cap of $6 billion, and the current amount of staked LUNC tokens were to double, it could potentially result in a price surge 10 times the current value of LUNC. However, he notes this is a theoretical scenario, as various factors could influence the outcome. Currently, the total amount of staked LUNC stands at 961 billion tokens.
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