A significant rally in the price of LUNC remains the greatest expectation of the vibrant Terra Classic community. Whereas the community-driven crypto project has recorded huge developments and reached new milestones, LUNC continues to underperform in the market.
However, in a recent tweet, one of the validators on the Terra Classic network dropped a hot take regarding the price of LUNC, pinpointing what the community needs to do to drive up the value of the embattled token in the market. According to the independent validator, LUNC To The Sun (LUNCTTS), LUNC burning and staking are among the key actions that would take LUNC to $0.01 per token.
As stated by LUNCTTS, 30% of the hyperinflated Terra Classic supply needs to be taken out of supply for LUNC to hit $0.01. In other words, LUNCTTS noted that the community needs to burn 2 trillion LUNC, out of the total supply of approximately 6.9 trillion tokens to catapult LUNC from its current price of $0.000142 to $0.01.
Per the update, the independent LUNC validator further revealed that the market capitalization of Terra Classic has to hit $48.1 billion and the total supply of LUNC reduced to approximately 4.8 trillion for the assets to hit one cent in market value.
“LUNC Community, we have to burn 30% of Lunc to see it at $0,01. All together we can, but we all need work for the same target, we need to focus on burn,” part of the tweet read.
#LUNCCOMUNNITY we have to burn 30% of $lunc to see it at $0,01 all together we can, but we all need work for the same target, we need focus on burn. So please all of you give some GOOD (not stupid) idea on how to reach it. #luncvalidator pic.twitter.com/EH1LXbScbz
— lunctts.com Lunc to the Sun, stake with us. (@lunctts) December 16, 2022
Related: Terra Classic Prediction As Crypto Prices Bounce in the Market. Is LUNC to $1 Feasible?
However, the popular influencer and fellow LUNC validator, Classy, predicted that LUNC would hit $0.001 in the near term. Subsequently, he shared four major measures that could help pump the Terra Classic token.
It is worth noting that more than 36.1 billion LUNC have been taken out of circulation courtesy of the LUNC tax burn and other burn activities. As shown on the LUNCPenguin burn tracker, Binance, the largest crypto exchange by trading volume, is the leading contributor to the Terra Classic burn escapade. So far, the exchange has destroyed about 20.1 billion LUNC while other entities like LUNC Tax and Lunatics Token have destroyed 11.2 billion and 2.2 billion LUNC respectively.
LUNCBTT Proposes 0.6% Tax Rate
In line with LUNCTTS’ belief that more burn would hasten the revitalization of LUNC, Alessandro Nardaggio of Lunctts published a proposal on Saturday to increase the tax rate. In the proposal, it is suggested that the tax rate be increased to 0.6% while 20% of tax revenue is channeled to the financing of ecosystem infrastructure and contributors.
Recall that the LUNC tax burn on the Terra Classic chain was initially kept at 1.2%. However, the community agreed to reduce it to the current 0.2% level which was greatly supported by CZ Binance. According to Binance, a high tax rate signifies greed and will not help in the reduction of the LUNC total supply. At the moment, this recent proposal from the independent Terra Classic validator is yet to pass governance voting.
I just post a proposal on Agora, Set the tax rate to 0.6% and set aside 20% of tax revenue to finance ecosystem infrastructure and contributors please check and comment it
✅Please retwwethttps://t.co/TxAbEfLVaY
— lunctts.com Lunc to the Sun, stake with us. (@lunctts) December 17, 2022
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