Luna Classic (LUNC) Will Never Hit $0.01 Despite Burning! Here’s Why

The post Luna Classic (LUNC) Will Never Hit $0.01 Despite Burning! Here’s Why appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

FatMan recently took to Twitter to express his contempt for those attempting to dupe investors into purchasing LUNC by circulating false rumors about the token. He thinks that the token will not ever reach $0.001 regardless of how much of it is destroyed. 

FatManTerra is not so optimistic on LUNA classic. He believes that the LUNC price will probably not hit  $0.001 anytime soon no matter how much LUNC is burned. He Predicts this based on the $40 billion market cap which can never be achieved

Terra 2.0 went live Following the terra (LUNA) now LUNC and UST price Crash. The Terra community decided to burn LUNC tokens in order to pump the price and recover the losses on holders. At present, there are nearly 7 Trillion LUNC tokens trading at $0.00006. 

Coming to On-chain volume, as per Fatman On-chain for LUNC is nearly dead. As there are no products to push the chain, the demand for the LUNC tokens is literally zero. The Projects which were previously based on Terra classic have now migrated to the new LUNA on Terra 2.0. Thus, there is not enough volume to fuel the token price and market cap of LUNC. 

Even though the LUNC community could begin burning enormous quantities of tokens, most significant exchanges would not endorse the initiative. For instance, Binance holds nearly 2 trillion LUNC tokens, which represents almost a third of the entire supply. Even if the exchange destroyed all of its LUNC holdings, the price would not drop to $0.001. Therefore, is not a viable option for any exchange.