A computer systems engineer has pointed out that the burn rates of LUNC and SHIB are insufficient to achieve their aim of reaching 1 cent.
Despite the collective endeavors of the community and significant token destruction, the supply of SHIB remains substantial, impeding the upward movement of LUNC’s price.
Terraform Labs, the progenitor of LUNC, has just declared its intention to divest assets as a component of a $4.5 billion resolution with the SEC. Despite the incineration of more than 1 trillion LUNC tokens, the coin has failed to significantly increase its value.
Community endeavors are essential for the advancement and enduring worth of cryptocurrencies, and committed collectives are pushing developers, executives, and crypto platforms to transfer tokens to burning addresses to diminish the circulating quantity.
Shiba Inu and Terra Luna Classic are leading the way in the practice of crypto-burning. The creators of Shibarium L2 are burning the total transaction fees, which is affecting the price of SHIB.
The price of LUNC has experienced a decline of approximately 2% in the past year. SHIB holders are relying on automatic burns through Shibarium L2, which is scheduled to be launched by the end of 2024.
The automatic burning mechanism is active on Shiba Inu’s ‘Puppynet’ testnet. However, the specific timing for the burning of a set quantity of SHIB tokens with each on-chain action remains uncertain.
