An independent validator stated that the Terra Classic community needs to burn 2 trillion LUNC tokens to reach 1 dollar cent.
Burn initiatives
The Terra Classic community continues to reduce LUNC’s offerings through burns. They do this to increase the price of the token. In a recent tweet, the independent LUNC validator named ‘LUNCTS’ revealed the number of LUNC tokens the community must burn in order for the token’s price to rise to $0.01.
According to LUNCTTS, the Terra Classic community must destroy a whopping 2 trillion LUNC tokens, representing 30% of the supply. According to LUNCTTS analysis, burning 30% will reduce the total supply to 4.81 trillion tokens. He says that LUNCTTS needs to have a market cap of about $48 billion for the currency to rise to 1 dollar cent. He wrote:
“LUNC COMUNNITY, we need to burn 30% to get the coin to $0.01. All together we can do it, we have to focus on burns.”
While LUNCTTS understands that achieving this goal will be challenging, he emphasized that achieving the goal will require the commitment of the entire Terra Classic community.
LUNC holders opt for strike
LUNCTTS therefore called on the community to provide suggestions to speed up the ongoing burn campaign. Many enthusiasts suggested that strike action would be the community’s best chance to reduce the circulating supply. However, LUNCTTS said staking is not a long-term solution to reducing the token supply, as users will eventually withdraw the cryptocurrency from these staking pools after 21 days.
In October, Terra Rebels, an independent group focused on revitalizing the Terra ecosystem, stated the need to create utilities through decentralized applications to accelerate burns.
Ongoing Burn campaign
According to LUNC Penguins data, 36,008,682,310 (36B) LUNC have been burned out of stock. Crypto exchange Binance in particular has greatly contributed to the ongoing burn campaign. The exchange has successfully destroyed 20.1 billion LUNC through the fees obtained from trading activities.