A month of burning LUNC on Binance – how long until LUNC is $1? (2024)

The Binance exchange began collecting a 1.2% burn tax on LUNC spot and margin trading fees on September 21st.

One month on, how is it going? Binance has so far burned 11.1 billion LUNC tokens in three separate transactions. It's an amount worth $2.7 million dollars at the current LUNC price.

It sounds like a lot. But in fact the burns represent just 0.18% of the total LUNC circulating supply of 6.15 trillion.

How long until LUNC is $1?

If Binance continues to burn 11.1 billion LUNC tokens each month, it would need 554 months – or 46 years – to burn enough supply until LUNC is worth $1.

Of course, that's assuming the LUNC market cap remains at $1.5 billion. So far the LUNC market cap has risen to as high as $3.2 billion. But that would still see holders waiting 46 years until LUNC is worth $1.

For the price of LUNC to hit $1 without any burning the market cap would need to swell to over $6 trillion dollars –more than six times the current size of the entire crypto market.

While will LUNC burning take so long?

LUNC pumped 530% in price after Binance announced it would implement the burn tax.

But did traders know how long burning would actually take to impact the LUNC price? That's not clear. The price pump was most likely of a bullish sentiment as at least LUNC gathered some kind of direction.

The time to wait can be significantly reduced if the LUNC community find news ways to add to the burn.

Are there other tokens burning enough to impact price?

Shiba Inu is another token engaging in regular burns. But the SHIBarmy has only burned through 0.02% of the original SHIB supply since Vitalik Buterin made a huge personal burn of 41.01% of the original SHIB supply.

There is another token seeing more success, however. That token is EverGrow.

EverGrow burned through 5% of its circulating supply in the last 12 months – or around 0.4% of supply each month. EverGrow's burn is aided by their innovative tokenomics which you can find out more about on their website.

EverGrow burns are about to ramp up after EverGrow raised over $250,000 in the two weeks since launching the marketplace – for a token with a market cap of just $50 million compared to LUNC's $1.5 billion, these burn funds will dramatically affect the price.

Burning is about to begin at the end of October, with the EverGrow boss saying there's enough to generate 60 days of green candles should trading volume remain the same

EverGrow could be a household crypto name by the end of 2022 once the most effective burn the market has ever seen takes off.