Here’s how much LUNC it takes to burn for the price to reach $0.01

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

The Terra Classic community has continued to focus on reducing the supply of LUNC via burn to boost the price of the token. In a recent tweet, @lunctts, the Twitter account of an independent LUNC validator “LUNC To The Sun (LUNCTTS)” revealed how many LUNCs the community would need to burn to increase the token 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. According to LUNCTTS analysis, burning 30% of LUNC’s supply would reduce the total asset supply to 4.81 trillion. Furthermore, LUNCTTS is looking to establish a market cap of $48 billion to enable LUNC to reach its $0.01 price target.

“LUNC COMMUNNITY, WE HAVE TO BURN 30% TO SEE IT AT $0,01 ALL BUT WE ALL NEED TO WORK FOR THE SAME GOAL, WE NEED TO FOCUS ON BURN,” Notice LUNCTTS in the tweet.

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While the LUNC Classic auditor understands the difficulty of achieving the goal, he stressed that reaching the goal requires commitment from the entire Terra Classic community.

LUNC Staking holders choose

Lone to the Sun also called on the community to submit suggestions to speed up the ongoing arson campaign.

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

In October, Terra Rebels, an independent group focused on revitalizing the Terra ecosystem, said so There is a need to create utilities across decentralized applications to accelerate burns.

Ongoing LUNC burn campaign

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

LUNC burn tax; An initiative to deduct 1.2% tax from all Terra Classic on-chain transactions has also helped reduce LUNC supply. data From LUNC Penguins shows that tax arson is responsible for burning 11.12 billion LUNC.

In addition to Binance and Burn Tax, there are independent projects, including LUNCDAO, Terra Casino, Luna Station 88, Support the Burn Terra Classic campaign.

At press time, LUNC is down 8% over the past 24 hours, following a massive sell-off in the cryptocurrency market. According to Coingecko dataLUNC change at $0.00014407.

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