Following the recent 1.2% tax burn implementation, the Terra Classic community is working harder than ever to achieve the $1 pricing point. However, only roughly 540 million LUNC had been destroyed in the three days after the tax burn went into effect. According to the figures from last week, 720 billion LUNC might be burned annually.
As a result, it makes predictions of a $1 price point unattainable in the near future. According to an analysis on The Coin Perspective, in order to achieve a market cap of $6.8 trillion (after deducting 720 billion LUNC from the current supply) with a supply of 6.83 trillion, which will be the new supply volume after a year of burning at the current rate, it would just be impractical.
However, given certain circumstances that are frequent in the cryptocurrency field, $0.01 might be easily within reach during this time. The project will require a market cap of around $68.3 billion, per data from The Coin Perspective, in order to achieve the $0.01 price level.
It is important to note that in May 2021, Dogecoin, which is frequently referred to as the “king of meme coins,” had a market cap of roughly $88 billion. To put that in perspective, the excitement surrounding Elon Musk’s sponsorship of the token with little to no utility has driven this price above the market valuation of Tether by more than $20 billion.
Santiment Feed has noted that, in terms of volume and price movement, LUNC is exhibiting traits to those of other well-known meme currencies like DOGE and Shiba Inu just before they went stratospheric. According to Santiment’s analysis, LUNC has lately risen to social dominance in the market due to a sharp increase in interest in the asset, as indicated by the rise in LUNC-related terms on social media.
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