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April 21, 2024
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Terra Classic Community Urge Coinbase To List LUNC – Will LUNC Price Hit $1?

The post Terra Classic Community Urge Coinbase To List LUNC – Will LUNC Price Hit $1? appeared first on Coinpedia Fintech News

The previous week saw a spike in the LUNC community’s pleas for Coinbase to include the cryptocurrency. It coincides with requests for Robinhood, another trading site, to include the token in its offering. This was the same strategy used successfully by the Shiba Inu community to have the meme coin listed on major exchanges.

Members of the LUNC community have started a petition requesting that the cryptocurrency exchange added support for the token, just like the SHIB community did previously. There are just under 3,000 people who have signed the petition as of this writing.

Binance, the largest cryptocurrency exchange in the world, continues to support LUNC and has pledged to burn all fees realized from the trade every Monday.

However, the community is now seeking out Coinbase’s support too. 

The demand for Coinbase to list the digital asset is, however, motivated by the need to support the value of the asset. The increased demand from such a listing has been shown to result in a sharp increase in the value of certain digital assets, and the community looks forward to such numbers for LUNC too. 

LUNC Price to Hit $1?

The LUNC community is aiming for “LUNC to $1.” They believe this price can be achieved if LUNC is listed on a popular cryptocurrency exchange like Coinbase. 

However, approaching this from a realistic perspective, this pricing for LUNC is highly unlikely based on historical data.

Whether or not the digital asset’s value will reach $1 depends on how many are in circulation. After the Terra Classic system failed, many more tokens were created and put into circulation. 6.15 trillion LUNC are in circulation at present. A $1 price target would put LUNC’s market cap at almost $6 trillion, which is implausible given that the all-time high for the cryptocurrency market is only $3 trillion.

Before breaking the $1 threshold, the supply would have to be halved. The Binance burn and the existing 1.2% tax burn on all transactions do not come close to slashing the LUNC supply by at least 70% and allowing the digital asset to reach $1.

If the burns keep increasing and a significant exchange starts trading the cryptocurrency, the digital asset will likely lose another zero. With a total supply of $6 trillion, however, a price of $1 is impossible to achieve.

In conclusion, for Terra Luna Classic to reach $1, it would need to increase in price by 300,000% from its current price. Consequently, that kind of increase appears unlikely to occur in the next 12 months. Moreover, given LUNC’s limited practical use, it is more susceptible to price swings and speculative trading, with pump and dump cycles as investors seek to realize profits quickly. 

It will be fascinating to see how the coin does over the next month, especially in light of the current unrest in the terra globe.

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