Despite losing more than 99.99% of its value after the market meltdown, LUNA Classic (LUNC) is still going strong. It currently has one of the strongest and most active crypto communities on social media, which has pooled its strength to get the coin listed on major exchanges. This time, the community has shifted its focus on Coinbase.
Requests to List on Coinbase
The LUNC community has been calling for the digital asset to be listed on Coinbase for the past week. It is consistent with requests for the cryptocurrency to be listed on another trading site, Robinhood. If this technique seems familiar, it’s because the Shiba Inu community used it to get the meme coin listed on major exchanges.
Following in the footsteps of the SHIB community, members of the LUNC community have established a petition requesting that the currency be listed on the crypto market. As of this writing, the petition had received just under 3,000 signatures.
During this period, calls for Coinbase to list LUNC have also dominated the digital asset’s social media mentions. The cryptocurrency had already received enormous support from Binance, the world’s largest crypto exchange, which has promised to burning all LUNC trade fees every Monday. The previous week. Binance burnt tokens worth $1.8 million.
The request for Coinbase to publish the digital currency is intended to boost its value, which has suffered since the meltdown. Because of the increased demand, such a listing has been known to drive up the value of digital assets.
Will LUNC ever reach $1?
As previously stated, the LUNC community is expecting that a listing on the crypto exchange will boost the value of the digital currency, probably towards the “LUNC to $1” aim that has been reiterated across the community. However, the price of LUNC is unlikely to reach this level.
The entire supply of the digital asset determines whether its price can ever reach $1. With the demise of the Terra Classic network, billions of new tokens entered the market. The total supply of LUNC is 6.15 trillion at the time of writing.
If the price were to reach $1, the LUNC market value would exceed $6 trillion, which is highly unlikely given that the overall crypto market cap all-time high is $3 trillion.
The supply would have to be considerably cut in order for the $1 mark to be achievable. Currently, in addition to the Binance burn, a 1.2 tax burn is applied on all transactions, but even this will not be enough to cut the LUNC supply by at least 70%, allowing the digital asset to reach $1.
Realistically, the digital asset is more likely to drop another zero if burns continue to increase and the cryptocurrency is listed on a major exchange. A $1 price tag, though, is out of the question with a 6 trillion circulating supply.
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