The Terra Classic community has doubled down on the push to push the price of LUNC to $0.01 with a recent 1 billion token burn.
The unity in the Terra Classic community was further showcased in grand style with exactly 1,117,048,514 LUNC worth approximately $111,313.88 at current market prices removed from circulation. This leaves the total LUNC supply at 6,812,673,485,368 per data shared by community member @AlexCryptoBull.
This burning is part of the revival master plan for LUNC, which once traded as high as $119.18 and is now changing hands for $0.00009967, down by 0.67% in the past 24 hours. The community’s goal is to push the token down to the 1 cent level in the long term.
Terra Classic Networks Bullish Metrics
The 1 billion LUNC tokens on record were incinerated over seven days. In addition to the LUNC burn, the total LUNC staked comes to 1,018,387,576,491 tokens, with a total of 7,197,235,746 LUNC locked up in the 7-day period to January 24, as presented by Alex Crypto Bull.
The Terra Classic chain is pushing to be self-sustainable in order to fund the numerous activities it has aligned to foster growth and return value to its community. In light of these, it has continued to work to ensure its average block time is as low as possible, pegged at 6.01 seconds with a total transaction recorded coming in at 2,009,827.
The total transaction fee accrued by the protocol to date is pegged at 1,432,452,736 LUNC per the data shared.
The LUNC burn event is supported by many industry giants, including the Binance exchange, helping broaden the deflationary model’s scope.
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Will LUNC Retest $0.01?
For Terra Classic (LUNC) to retest the $0.01 price level, it will have to grow by more than 9,500% with a bout of consistent runs in the coming months or years.
With the current supply of the token setting an unrealistic price outlook, the token will need to shrink this bogus supply before it can print an appreciable gain overall. Notably, the LUNC token has potential, and if the community does not derail from its rebuilding path, a $0.01 LUNC price target might not be ruled out.
At the time of writing, LUNC’s market capitalization comes in at $574,126,892, down by 0.78%, with the trading volume plunging 18% to $27,168,043.