LUNC Burn Didn’t Help Terra Classic Price, New Crypto Coin Burns 30% of Token Supply
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The Terra Classic (LUNC) price has been in a downtrend throughout 2023 despite the LUNC coin burn, its total supply still 5.87 trillion tokens.
New cryptocurrency Copium is burning 30% of its supply, aiming to achieve what the former Terra LUNA hasn’t. Since the announcement of its token burn, the $COPIUM price has risen over 100%.
The meme coin has a total supply of 1 billion, so 300 million tokens will be burned.
Next Terra Luna Classic? Price Predictions for Copium
A Discord message from the team also confirms that “the liquidity pool will also be locked straight after” the token burn event.
Plans to reduce the supply of the $COPIUM token is attracting buyers in the run up to the event. A reduction in supply will potentially increase the value of the remaining coins if the number of buyers continues to rise, as it is.
There are currently 2,800 Copium token holders according to DEXTools. $COPIUM is also now listed on several CEX platforms – AscendEx, LBank, Poloniex, MEXC Global and Bitkan.
First listed on Uniswap, the new coin is also a regular ‘Hot Pair’ on Dextools.
More centralized exchange listings are thought to be in the works as the team continues to boost the digital asset’s marketing.
Launched on Uniswap on the May 18th, $COPIUM is backed by some of the biggest and most influential names in crypto trading, such as Faze Banks who has 2.8 million Twitter followers, DeeZe on 250k, Cozomo de’ Medici with 289k followers and foobar with 130k.
$COPIUM has the entertainment x factor, being a play on the notion of ‘coping’ with the slings and arrows of the crypto space.
Attracting even more buyers to the meme coin is its NFT reward airdrops and other incentivizing giveaways, including exclusive events and product deals.
Higher Upside Potential Than LUNC
$COPIUM reached its all-time high on launch day of $0.00164. It is currently priced at $0.005, providing a low entry point for new buyers of the token.
Burning a token supply is similar in effect to the buybacks seen for stocks. A company might buy its own shares from shareholders in order to remove them from the free float.
In the case of crypto, instead of buying at a certain price from existing holders, the team sends a chunk of supply to a special address from which the coins cannot be sent. Through this burning mechanism the coins are removed from overall supply.
Some crypto experts predict a 1,000% return for $COPIUM, given its low market cap of $5 million – compared to Terra Classic (LUNC) with an over $500 million market capitalization, and Terra (LUNA) with $240 million.
See our Terra Classic price prediction article quoting top crypto traders forecasting it would trend to ‘zero’.
Copium NFT Collection
Two hours after $COPIUM’s launch, the team took a snapshot to determine the top 200 token holders to receive an NFT Copium Tank.
The more $COPIUM a holder owns and buys, the more their NFT tank will fill up.. The Copium Tank NFT holders have two weeks to fill up their tank as much as possible.
The NFTs can be publicly traded on secondary markets such as Opensea. Whoever owns the NFT at the time of the airdrop will receive the full amount, regardless of whether the wallet address is in the top 200.
Copium token already has a vibrant social community. Its Twitter following has reached 18,100 followers.
On Telegram its community has grown to 2,380 members.
But the team is not leaving anything to chance. On the Discord server it was announced that there will be “a new wave of PR globally to push the 300m token burn”, potentially setting up the new crypto coin’s buzz to rival that of Terra Classic after the infamous LUNA crash and hard fork last year.
To buy $COPIUM directly on decentralized exchanges such as Uniswap you need a crypto wallet funded with ETH.
On centralized exchanges, to buy simply set up your account and complete the KYC verification, fund your account and then trade the COPIUM/USDT pair at one of the three exchanges mentioned above.
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