The LUNC price has been in a constant downtrend, despite its coin burn, leaving a total supply of 5.87 trillion tokens. Meanwhile, new cryptocurrency Copium is making waves by announcing a burn of 30% of its supply, hoping to achieve what LUNC could not. Since this announcement, the $COPIUM price has risen over 100%. With a total supply of 1 billion tokens, this means 300 million tokens will be burned.
Is Copium the next Terra Luna Classic? Price predictions for this meme coin seem promising. The Copium team confirmed in a Discord message that the liquidity pool will be locked straight after the token burn event. Plans to reduce the supply of $COPIUM is drawing more buyers as the token burn event approaches. A reduction in supply can potentially increase the value of the remaining coins if the number of buyers continues to rise.
There are currently 2,800 Copium token holders, as per DEXTools. $COPIUM is now listed on several CEX platforms, such as AscendEx, LBank, Poloniex, MEXC Global, and Bitkan. First listed on Uniswap, the new coin also regularly appears in the “Hot Pair” section on DEXTools. More centralized exchange listings are expected soon, as the team continues to boost the digital asset’s marketing.
Launched on May 18th, $COPIUM is backed by some of the biggest names in crypto trading, like Faze Banks, DeeZe, Cozomo de’ Medici, and foobar. It incorporates the entertaining aspect of “coping” with the ups and downs of the crypto world, drawing even more buyers to this meme coin. Incentives like NFT reward airdrops, exclusive events, and product deals continue to garner interest.
$COPIUM currently has a relatively low market cap of $5 million, compared to Terra Classic (LUNC) with an over $500 million market capitalization, and Terra (LUNA) with $240 million. Some crypto experts predict a 1,000% return for $COPIUM, making it a leading candidate for those in search of the next Pepe or Dogecoin.
Token burns resemble stock buybacks in that both involve removing a portion from the free float. In the case of crypto, the team sends a chunk of supply to a special address from which the coins cannot be sent. This burning mechanism removes coins from the overall supply.
In addition to its token burn, Copium has an NFT collection featuring a Copium Tank. The top 200 token holders receive this NFT, which can be publicly traded on secondary markets like Opensea. Whoever owns the NFT during the airdrop receives the full amount, regardless of their wallet address’s top 200 status. No claim date for the NFT airdrop has been released yet.
With a growing social community on Twitter and Telegram, the $COPIUM global marketing campaign continues to gain momentum. It remains to be seen if the 300 million token burn will fully catapult $COPIUM into the spotlight like its predecessor Terra Luna Classic.
Source: Cryptonews
