The Terra Classic community is intensifying efforts to raise the price of LUNC to $0.01 by burning 1 billion tokens in a recent move.
In a demonstration of unity, the Terra Classic community removed exactly 1,117,048,514 LUNC tokens from circulation, valued at around $111,313.88 based on current market prices. This action, shared by community member @AlexCryptoBull, reduces the total LUNC supply to 6,812,673,485,368 tokens.
Restoring LUNC Tokens: A Revival Strategy
In the effort to revive LUNC, previously valued as high as $119.18, the community is working to increase its current value of $0.00009967, which has slightly declined by 0.67% in the past day. The ultimate aim is to raise the token’s worth to 1 cent.
Within a week, 1 billion LUNC tokens were burned, and there are now a total of 1,018,387,576,491 tokens staked, with 7,197,235,746 LUNC locked up as of January 24.
Terra Classic is striving for self-sustainability to fund growth initiatives and provide value to its community. They are reducing the average block time to 6.01 seconds and have recorded a total of 2,009,827 transactions, accruing a transaction fee of 1,432,452,736 LUNC to date.
The LUNC burn initiative has received support from major players like the Binance exchange, broadening the reach of the deflationary model.
Challenges Facing Terra Classic’s Price Target
To reach the $0.01 price level again, Terra Classic (LUNC) would need an enormous growth of over 9,500%. This would require a consistent rise in value over the next months or years.
The current high supply of the token makes it unlikely to achieve this price target without reducing the supply. However, despite this challenge, there is still potential for the LUNC token. If the community stays dedicated to rebuilding efforts, hitting the $0.01 price target might not be impossible.
As of the latest update, LUNC’s market capitalization is $574,126,892, showing a decrease of 0.78%. Additionally, the trading volume has dropped by 18% to $27,168,043.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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