Shiba Inu Vs LUNC Burn: Which One Has Had A Better Impact?
Both the Shiba Inu and the LUNC tokens have seen their growth hindered by the fact that their circulating supply is incredibly large. As a way to curb this, both communities have come up with a burn initiative to reduce...
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Both the Shiba Inu and the LUNC tokens have seen their growth hindered by the fact that their circulating supply is incredibly large. As a way to curb this, both communities have come up with a burn initiative to reduce the supply of the tokens as much as possible. So far, there have been significant amounts of tokens sent to burn addresses by members of the community. But which community’s effort has had the best impact on the token price?
LUNC Community Hits 85 Billion MarkThe LUNC community burn has gained a lot of traction since it began around a year ago. Every week, millions of tokens are being taken out of circulation in an effort to reduce its over 5.8 trillion supply. This has resulted in tens of billions of tokens being burned so far.
According to the LUNC Metrics website, the community has been able to hit the 85 billion tokens burned milestone. This was hit after over 1.7 billion tokens were burned by the community in a single-week timeframe, bringing the total all-time token burned to approximately 85 billion.
On the back of this milestone, the prices of LUNC and USTC have begun to rally once more, suggesting a correlation between the burn and the price performance. Not only the Terra Classic ecosystem tokens are rallying but also the rebranded LUNA token has been on the rise.
The LUNC burn initiative has seen a lot of support from the Binance exchange which continues to burn fees generated from the altcoin’s trading activity. Burning has also extended to the USTC token which sees thousands of coins burned daily.
Shiba Inu Burn Sees 2875% ExplosionCompared to the LUNC burn, the Shiba Inu community burn has had more impact on the price. Unlike LUNC, around 45% of the total token supply has been burned. Most of this can be attributed to Ethereum founder Vitalik Buterin who received half of the SHIB token supply in 2021. Buterin eventually burned the majority of the tokens after donating some of it to a COVID relief fund.
The community has, however, not relented in its efforts to reduce the supply. Last week, the burn rate saw one of the most significant spikes after rising over 7.6 million percent in a 24-hour period. This increased burn momentum has continued into the new week with Sunday’s figures coming in over 152 million tokens burned.
This 152 million figure saw the SHIB burn rate rise another 2875%, data from Shibburn shows, starting the week off on a high note. The majority of the burned tokens came from a single wallet which incinerated 107.6 million tokens in a single transaction.
However, unlike LUNC, the spike in the SHIB burn rate hasn’t seemed to have affected the price much with the token trading at near breakeven for the same time period.
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