What Community needs to do to get LUNC to $0.01.
A recent tweet shared by “LUNC To The Sun (LUNCTTS),” revealed the number of LUNCs the community needs to incinerate to boost the token’s price to $0.01.
One of the most extensive mindsets of the Terra classic community has been on reducing the total circulation of LUNC and as such, the district has designed many strategies to get the LUNC reduced from its whopping amount to the very minimal amount of 10 billion.
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LUNC to hits $0.01 if more burns are done
The analysis of the LUNCTTS revealed for the LUNC achieved the price of $0.01, a total of two trillion which represents 30% of the circulating supply. 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.
LUNCTTS tweeted; “LUNC COMMUNITY 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,”
Although, from the look of things, the goal seems hard to achieve it is possible if the community can intensify in the LUNC burns.
Aside from the burning, the LUNCTTS also shared another way the goal of making LUNC hit a $0.01 level is by staking.
Many enthusiasts suggested that LUNC staking would be the community’s best shot at reducing the circulating supply.
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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.
LUNCTTS stated;” Stacking is a good way to take out from circulation supply temporarily, and this is good, but after 21 days the LUNC can back to the market, so we have to stake more and BURN more.”
Community’s effort
The effort of the Terra Classic community has been prominent over time as the LUNC has been taken from its dark side towards the bright side.
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.
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.
Recently, CoinMarketCap released the total supply of LUNC to have to be around 5.99 trillion from its former value of 6.9 trillion.
At the moment, 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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