According to Terra Whistleblower Luna Classic (LUNC) Will Not Reach $0.01 No Matter How Much Of It Is Burned

FatMan Says Luna Classic (LUNC) Will Not Reach $0.01 No Matter How Much Of It Is Burned.

FatMan warns LUNC buys not to be too optimistic on planned coin burns and says the prospect of the coin ever hitting $0.001 is zero.

Since the Terra Luna (now LUNC) and UST crashed a few weeks ago and Terra 2.0 went live, LUNC holders have been looking for a way to pump up its price and recover some of their losses.

One way to do this is by burning coins. There are currently close to 7 Trillion LUNC tokens. The price now stands at $0.00006 per coin. Apparently, the new buyers expect the coin burns to push the price to $.001. FatMan wants them to know that this will never happen.

Price Won’t Reach $0.01

In a recent tweet, FatMan goes after those shilling false narratives about LUNC and trying to hook unsuspecting investors into buying LUNC, hoping it will soon hit $0.001. He believes the price point will never be reached no matter how much LUNC is burned.

I don’t know who needs to hear this, but some LUNC buyers unironically think like this, so – facts:
– LUNC will never hit $0.01 no matter how much you burn
– Burning will have very little price impact due to dead on-chain volume
– Major exchanges will never participate

*braces* pic.twitter.com/QamWp69haO

— FatMan (@FatManTerra) June 15, 2022

He proves this by saying that a $0.001 price point would need a $40 billion market cap, which can’t be achieved.

On-Chain Volume Is Dead

Going on, FatMan gives a reason for his assertion. For one, on-chain volume for LUNC is gone. There’s no demand for the token since there are no products to push on the chain. There is no utility for LUNC. Most of the systems and protocols that were previously associated with it have migrated to the new LUNA on Terra 2.0. There’s simply no on-chain volume to warrant a price increase and pump up the market cap for LUNC.

Major Exchanges Won’t Support It.

Besides, even if the community were to start massive burns of LUNC, most top exchanges wouldn’t support the move. For example, according to FatMan, Binance holds over 2 trillion LUNC, which is almost a 3^rd of the entire supply. The price wouldn’t reach anywhere near $0.001 even if the exchange decided to burn off its LUNC holdings. It’s therefore not a viable option for Binance or any other exchange to support massive LUNC burns.

According to Fatman:

“Assume Binance burns their entire 2.17T (2,170,000M) LUNC wallet, a bigger burn than all of the proposals, bringing the supply down to 4.37T. A $0.01 LUNC will require a $43.7b market cap – 109.25x higher than the current market cap.

Not possible IMO”

In essence, FatMan’s point is that investors should be careful when investing in LUNC and shouldn’t let themselves be misled by unrealistic projections.

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