Terra Luna Clasicc rises from the dead and enters the top 30 of the cryptos. We will analyze if Lunac could reach that price
we'll see
The Terra Classic community has managed to resurrect the old LUNA, now renamed LUNC and the token price has reached the target of $0.00051. With a market capitalization of almost 3.5 billion dollars, the digital currency is today in 26th place. The price has shot up more than 125% in 7 days and more than 400% in the last 14 days, with a Huge and continuous daily trading volume of over $3 billion.
The community decided on a short-term goal of $0.01, will it get there?
Token burning has been proposed in order to gradually revalue the token.
source: cosmosrun.info/terra-classic/gov/3568
Currently, the Terra Classic community is seeking to approve the 1.2% burn proposal, which is scheduled to be voted on on September 10. If approved, said burn rate will be implemented on September 20. Currently, cryptocurrency exchanges such as MEXC Global, KuCoin, Gate.io, and CoinInn have agreed to support the proposal. Binance announcing its support for the burn proposal will be a huge milestone for the community.
####KuCoin
KuCoin has indicated that it will support the community by burning Tokens in a tweet.
####Binance
Binance has communicated that it will make changes to the wallets, so presumably it will also give its support
You have just communicated your support for the proposal
This is Binance's statement
Burning of Terra Luna Classic (LUNC) on MEXC: 119 million tokens burned in 4 days
A few days ago, the MEXC cryptocurrency exchange announced that it would support the LUNC community's 1.2% tax token burn proposal.
This week the Terra Luna Classic (LUNC) burn has gone live, allowing the daily burning of several million tokens of this cryptocurrency.
MEXC has become the first cryptocurrency exchange to adopt the 1.2% token burn tax proposal of the Terra Luna Classic LUNC community, thus adopting a measure that consists of burning the equivalent spot trading fee in LUNCs during the duration of the token burning event, which began on September 3 and will last until September 17.
In 4 days Mexc has burned 119 million Luna tokens which is equivalent to 64000 dollars.
Monday Price
The price of LUNC is up 50673% from its lowest point during the Terra crisis, according to coingecko. In fact, the price has shot up nearly 400% in the last 15 days due to burning, staking, project building, ecosystem education, and governance activities. Over 500 billion LUNC tokens have already been staked and nearly 3.62 billion have been burned.
For luna classic tokens to reach the value of 0.01 there should be only 1600B Lunc tokens in circulation, assuming Lunc reaches the capitalization of 16B dollars which would place luna in the 8th or 7th place in the marketcap
Currently there are 6151B in circulation, that is, 4551B of tokens would have to be burned so that only 1600B of tokens remain in circulation.
It seems to me that for 4551B of lunc tokens to be burned as a tax of 1.2%, for movements in the network, it will be more in the medium, long term that this price objective set as a target by the LunC community will be reached
What do you think
For your vote or comment, thank you
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