The Binance crypto exchange has burned 2.99 billion LUNC tokens, collected from trading over the week October 3-10.
It's just over half the amount of LUNC tokens burned in the week September 26-October 3 – when Binance burned 5.6 billion LUNC from supply.
The lower figure, collected from a 1.2% tax on all Binance-based LUNC trading, is a blow for bullish investors.
The LUNC burning mechanism is hoped to reduce supply long-term and recover higher prices.
But at the current rate, LUNC investors are in for a long ride.
LUNC is trading at a price of $0.000285 today.
The LUNC price is back at its weekly low of $0.000285 on October 7th and down -9% from a price of $0.00034 over the last seven days.
The LUNC price pumped over 71% from a low of $0.000184 on September 26th when Binance announced it was going ahead with the LUNC 1.2% burn tax.
This week Binance CEO CZ urged other crypto exchanges to join Binance in collecting LUNC trading fees.
Burning the supply of LUNC until its token price reaches $1 would be an incredible crypto recovery.
But is it possible?
The LUNC supply is 6.151 trillion at present. If only 3 billion is removed each week, it will take around 38 years until the LUNC supply is reduced to under 2 billion and LUNC has a token price of $1.
Evidently more exchanges need to join the LUNC burn – or more projects need to help out in burning LUNC from supply.
EverGrow has burned 25 trillion tokens within its first year of launch.
With a circulating supply of 479 trillion tokens, EverGrow is set to hit $1 if it's current market cap remains the same in under 20 years.
But the launch of a new EverGrow ecosystem all burning EGC from supply has doubled the burn rate over the past few weeks – and further app launches will only add to the burn.
When all is working perfectly, EverGrow could well burn from its price today of $0.00000011 to $1 in the next decade.
The EverGrow burns began with a 2% burn tax. This burned 25 trillion tokens – or 5% of the circulating supply – in a year. Then EverGrow launched its ecosystem token Lucro, with 0.8% of each trade sent to buyback & Burn EverGrow.
Then EverGrow launched the LunaSky NFT marketplace with 100% of revenue and in-house NFT sales contributing to buyback and burn.
EverGrow raised $230,000 in the first week of launching Luna Sky. It's a lot considering the EverGrow market cap is $53 million at present – enough to burn over 0.4% of the circulating supply.
Meanwhile the LUNC burn this week represents just 0.05% of supply.
The EverGrow method could well provide inspiration for a LUNC community searching for a purpose and an ecosystem.
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