LUNC burning disappoints while EverGrow burns skyrocket

What would it mean for LUNC to reach a price of $1?

For a start, it would mean a return of 404,758% on any LUNC investment made today. That would see an investment of $100 become worth $404,858. Which is a return on investment almost unheard of unless you bought up Shiba Inu or Bitcoin early. 

But for the thousands of investors who lost hundreds of thousands on LUNC, getting back to a $1 price could help recover some losses. Rather than a portfolio worth $100,000 pre-Terra crash being worth less than $0.50 at present, it would be worth over $1,000.

Obviously LUNC being worth $1 is a moonshot like no other – but it's that kind of magic that thousands of investors need to recoup devastating losses.

Will LUNC get to $1 by burning on Binance?

News that Binance would being collecting 1.2% of every LUNC spot or margin trade sent the LUNC price pumping over 500% in early September.

Fast forward to the end of October, and the burns have been underwhelming. Binance has burned 11.1 billion LUNC tokens in three separate transactions between September 21st and now. It's just 0.18% of the total LUNC supply of 6.15 trillion.

If burning continues at this rate each month it would take 46 years until LUNC is worth $1. It would take this long even if the LUNC market cap doubled in size from its current $1.5 billion. 

It's a disappointing outcome for many desperate investors.

Is there a better way to burn LUNC?

Many believe the LUNC 1.2% burn tax was adapted from EverGrow. 

EverGrow is a hyper-defationary token which collects 2% of each transaction to buyback EverGrow and burn it from supply. The mechanism burned through 5% of the EverGrow circulating supply over the past 12 months – around 0.4% each month.

But EverGrow is ramping up the burn in the last quarter of 2022. EverGrow just launched an NFT marketplace (LunaSky) and sold a collection of 15,000 NFTs with 100% of all proceeds and marketplace revenue deployed to buyback and burn EverGrow. It's over $250,000 – which will make a huge impact on the price of a token with just a $50 million market cap.

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. It will send the EverGRow burn rate skyrocketing and could be inspiration for the LUNC community to create an ecosystem centred on giving back to disaffected investors. 

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