Efforts are in motion to restore the lost glory of Terra Classic (LUNC), the embattled cryptocurrency that massively lost its value in May 2022.
After the implosion, which resulted in the LUNC price dropping to fractions of a Cent, the determined Terra Classic community launched a number of burn campaigns to drastically reduce the circulating supply of the digital asset. The aim of this burn campaign is to push the price of LUNC to $1.
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The major LUNC burn initiative is the 0.2% burn tax implemented by several exchanges, including Binance, the world’s largest crypto exchange by trading volume.
Terra Classic Community Has Burned 0.53% of LUNC Circulating Supply
As the burn campaigns by individuals and groups remain active, data shows that 36.6 billion LUNC has been destroyed so far, representing 0.53% of LUNC total supply of 6.8 trillion, and 0.61% of its circulating supply of 5.9 trillion.
According to the data from TerRarity, an on-chain analytics tool, out of the 36,631,318,388 LUNC burned, 24,990,578,294 LUNC tokens were sent to the burn wallet, while the remaining 11,640,746,327 LUNC tokens got incarcerated via burn tax. Data also show that Terra Classic’s burn rate currently stands at 321,898,228 tokens.
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Considering this burn rate, up to 3.8% of LUNC total supply is expected to be burned in 2 years, while about 9% should take relatively five years.
That being said, the question that could be running through the minds of some members of the community is the possibility of achieving the $1 target. Putting the current burn rate into consideration, it may take LUNC a decade or more to hit $1. But how many members of the community could hold the token for a decade?
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