The Avalanche Foundation's recent initiative to repurchase $AVAX tokens has granted the Luna Foundation Guard ($LFG) access to $60 million in funds as per a bankruptcy court mandate. As the Terra Luna Classic ($LUNC ) community assumes full control over the blockchainâs direction, with Terraform Labs and LFG nearing their end, attention is now on how these funds could influence LUNCâs future.
If the Terra Luna Classic community decides to allocate this $60 million to a buyback and burn of $LUNC tokens, the implications could be immense. Currently, LUNC is trading at $0.0000886, reflecting a 0.6% dip over the last 24 hours. A $60 million buyback would purchase around 671 billion LUNC tokensâabout 12% of its total circulating supply. With the current market cap standing at $506 million, reducing the circulating supply by 12% would push the price approximately 17% higher, resulting in a price near $0.0001.
Beyond the direct impact on price, the hype surrounding such a large-scale burn could spark a Fear of Missing Out ($FOMO) among investors. This excitement, combined with a potential 17% surge, could trigger even further upward momentum, potentially pushing LUNC's price above the $0.0001 threshold as market participants rush to capitalize on the move.
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