Terra Classic (LUNC) is what remains of the original Terra Luna project that crashed in May 2022. The current price of LUNC has fallen to $0.0002307: a loss of 1.09% in 24 hours.
This notable drop in value has continued amidst token burns by Binance and other crypto players. The rally that followed after the crash seems to have now mostly subsided.
Will Luna Classic Hit The $10 Mark?
For a price level of $10, LUNC will have to record extraordinary gains of 3,979,841% from its current level. Although it might look impossible to some analysts, it is worth noting that Shiba Inu, increased by 17,959,114% from its all-time low.
The major assumption here, however, is that investors will be willing to risk their capital in a project that collapsed in May 2022. Especially as LUNC no longer supports USTC’s peg to the dollar. Interestingly, these factors do not seem to be phasing traders, as LUNC is frequently one of the most popular coins in the market in terms of volume traded. For example, in the past 24 hours, LUNC has had over $100 million in trading volume.
LUNC needs to continue developing its ecosystem and reducing its token supply to be in with a chance of returning to its all-time-high and beyond.
Binance LUNC Token Burn Continues
Leading cryptocurrency exchange Binance has continued to burn LUNC tokens from the trading fees it generates. Over 11 billion tokens have been burned so far.
Although the tax burn continues, the rate has reduced to 0.2% from 1.2% after a vote. In this new proposal, 10% of each burn will go to a community development pool. This pool aims at rebuilding the Terra Classic network.
Due to a substantial circulating supply, the LUNC community will burn large amounts of LUNC through various mechanisms. For example, Kaj Labs, a Seattle (United States) developer, is set to burn 2.5 trillion through their game Finesse Shadow Warriors.
Critics questioned if the Kaj Labs’ target burn is achievable since the game is yet to launch. But the developers are being optimistic about its popularity.
The current circulating supply of LUNC stands at 6.9 trillion. It is much more than the value of 350 million LUNC during the all-time high in April when the token sold for $119.
What Do Investors Choose During Bear Market?
Since the market is volatile, investing in the LUNC token comes with its risks. Presales have given investors attractive returns in 2022.
Tamadoge (TAMA) raised $19 million in its token sale. The token put smiles on investors’ faces with a return of 1,800% after it was listed on OKX.
Currently, a pre-sale opportunity exists for IMPT.
IMPT is a credit marketplace powered by Ethereum that rewards consumers with NFT-based carbon offsets for spending online.
The pre-sale of IMPT began on October 3. It has so far raised over $9 million, with the token price at $0.018, which is set to increase to $0.023 in the next stage.
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