LUNA Classic (LUNC) remains strong despite losing over 99.99% of its value during the market crash. It also now boasts one of the strongest and most active crypto communities on social media, who have now taken their combined power to get the coin listed on the big exchanges. This time, the community has turned its attention to Coinbase.
List calls on Coinbase
Calls from the LUNC community to list the digital asset on Coinbase have intensified in the past week. It goes along with calls for another trading platform, Robinhood, to list the token. If this approach sounds familiar, it’s because it was the same thing the Shiba Inu community did to get the meme coin listed on major exchanges.
Following in the footsteps of the SHIB community, members of the LUNC community have created a petition for the cryptocurrency exchange to list the token. As of this writing, the petition already has just under 3,000 signatures.
Calls for Coinbase to list LUNC have also dominated mentions of the digital asset on social media during this time. The cryptocurrency previously garnered massive support from the world’s largest cryptocurrency exchange Binance, which has pledged to burn all fees earned from LUNC trading every Monday. In the past week. Binance burned $1.8 million worth of tokens.
LUNC price retraces to $0.0003 | Source: LUNCUSD on TradingView.com
The call for Coinbase to list the digital asset is to help its value, which has struggled since the crash. Such listing is known to drive up the prices of digital assets due to the amount of demand it generates.
Will LUNC hit $1?
As mentioned above, the LUNC community hopes to increase the price of the digital asset with a listing on the crypto exchange, presumably towards the “LUNC to $1” target being echoed throughout the community. However, the price of LUNC is unlikely to reach this point.
The answer to whether the price of the digital asset will ever touch $1 lies in its total supply. With the collapse of the Terra Classic network, trillions of new tokens were put into circulation. At the time of writing, the total supply of LUNC stands at 6.15 trillion. If the price were to hit $1, this would mean that the LUNC market cap would cross 6 trillion, which is quite unrealistic given the total crypto market cap is $3 trillion.
For the $1 mark to be feasible, supply would have to be drastically reduced. Currently, in addition to the Binance burn, there is a 1.2 tax burn imposed on all transactions, but even this will not be enough to reduce the supply of LUNC by at least the 70% reduction that would make it possible for the digital asset to reach $1 .
Realistically, the digital asset is more likely to drop another zero if the burns continue to rise and the cryptocurrency gains a significant market price. But a price mark of $1 on a circulating supply of 6 trillion is out of the question.
Featured image from Finbold, chart from TradingView.com
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