Luna Classic (LUNC) pump to $1 ‘never happening’

A popular Reddit thread on Luna Classic (LUNC) saw a poster ridiculed for suggesting LUNC will pump to $1 after Dogecoin.

The original poster said: "I think after the success of DOGE, there will be a memecoin pump era. We might see a moon event soon, thoughts?" But instead of attracting backers to an upcoming LUNC pump the post brought in commentators who didn't agree with the original poster.

The first problem is that LUNC is not thought of as a memecoin. "You're saying LUNC is a memecoin? Wtf?" one commentator said. Another said that 'Elon was behind Dogecoin so we'd need a LOT of hype' for LUNC to truly be called a memecoin that survives off the news cycle.

The user continued: "So in theory the coin could 5x. But I doubt higher than that unless a large portion is burnt. For 100x, 500x or 10,000x a proper burn and sustained burn needs to be implemented."

But here's why most people think such a high LUNC pump is 'never happening'.

Luna Classic pump to $1 is 'never happening'

One commentator said that LUNC would need to burn '99% of its supply' to have a hope of hitting a $1 price. Is this correct?

The current LUNC supply is 6.589 trillion. Luna Classic would need to burn through at least 6.588 trillion to turn the LUNC price into $1. That's 99.98% of the current supply. At the current rate of burning, it's a long way off.

The latest Binance weekly LUNC burn was just 1.26 billion. At that weekly rate it would take 100 years until the LUNC supply has been reduced enough to get a $1 token price. That's why many LUNC backers don't believe a $1 price is possible.

Could Luna Classic build a token-burning ecosystem?

The ecosystem approach has been adopted by other tokens, like EverGrow.

In fact, burning its own supply is the central aim of EverGrow. The token comes with a 14% transaction tax with 2% used to buyback and burn EverGrow tokens. That's much higher than the 0.2% burn tax used on Binance and for on-chain LUNC transactions.

But EverGrow adds to the burn tax revenue by collecting 100% of revenue from an ecosystem of applications. The first to launch was LunaSky – an NFT marketplace – and it will soon be followed by the Crator social media subscription app which facilitates crypto payments and passive income.

EverGrow has a price of just $0.0000001 and a market of $50 million. But it's also a new cryptocurrency with the potential to become a major top 50 token and change the game of crypto tokonemics.

Any early investors believing in the EverGrow vision for ecosystems that build wealth for the community could find a valuable asset in their digital wallet.

Read more about EverGrow here: https://evergrowegc.com.