Despite losing over 99.99% in value due to the crash, LUNA Classic is still strong. The community is also one of the most active and powerful on social media. They have joined forces to get the cryptocurrency listed on major exchanges. The community is now focusing on Coinbase.
Calls To List On Coinbase
In the past week, the LUNC community has been calling for Coinbase to list the cryptocurrency. This is in line with calls for Robinhood to list the token. This is the exact same approach that the Shiba Inu communities used to list the meme coin on major exchanges.
The LUNC community has created a petition asking the cryptocurrency exchange for their token to be listed. The petition has just under 3000 signatures as of today’s writing.
Calls for Coinbase to list LUNC have also dominated the digital asset’s social media mentions during this time. Binance, the largest cryptocurrency exchange, has given the currency massive support. Binance has promised to eliminate all fees derived from LUNC trades every Monday. This week. Binance sold tokens worth $1.8million.
Source: LUNCUSD on TradingView.com| Source: LUNCUSD on TradingView.com
Coinbase has called for the listing of the digital asset to boost its value that has suffered since the crash. Due to its demand, such a listing can propel digital asset prices upwards.
Is LUNC Worth $1?
As mentioned above, the LUNC community is hoping to bolster the price of the digital asset with a listing on the crypto exchange, presumably towards the “LUNC to $1” goal that is echoed throughout the community. It is unlikely that LUNC’s price will rise to this level.
It is the total supply that will determine whether or not the price of the digital currency ever reaches $1. Terroristically many new tokens came into existence after the Terra Classic network fell. As of the writing of this post, the total supply for LUNC stands at 6.15 billion. The price of LUNC at $1 would bring the total market capital to 6 trillion. This is quite impossible considering that $3 trillion was the highest ever recorded in crypto markets.
To reach $1, it would be necessary to drastically reduce the supply. Currently there is a Binance tax, which applies to all transactions. However, even that will not reduce the LUNC supply to at least 70%, which would allow the digital asset reach $1.
If the crypto market continues to grow and the exchanges list the currency, then it’s more likely that another zero will be removed from the digital asset. However, a price of $1 at a $6 trillion supply is unlikely.
Featured image taken from Finbold. Chart from TradingView.com
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