BEFE and PEPE meme coins target $0.01 ahead of LUNC burn

The cryptocurrency market recently witnessed a surge in activity for Terra Classic (LUNC) following a recent token burn initiated by Binance, the world’s largest cryptocurrency exchange. Following the latest token burn initiated by Binance, the price of LUNC skyrocketed 30%, eventually reaching as high as $0.000194. 

The Terra Classic community, including Binance, implemented a burn mechanism to address the large circulating supply of Terra Classic tokens following the ecosystem collapse in May 2022. By permanently removing tokens from circulation, the burn program aims to:

• Reduce overall supply: This can potentially create scarcity, leading to increased demand and price appreciation in the long run.
• Demonstrate commitment to the ecosystem: Consistent burns signal the community’s dedication to rebuilding trust and revitalizing the LUNC project.
• Increase token value: By reducing supply, burns can potentially lead to a higher value per remaining token.

Binance initially announced a LUNC burn mechanism in December 2022, wherein the crypto behemoth would destroy the same amount of tokens as the fees it would collect from trading Terra Classic. The latest LUNC burn, which was initiated by Binance on March 1, saw more than 2 billion LUNC burned. This token burn by Binance acted as a catalyst for the price of Terra Classic.

Since the beginning of 2024, Binance has initiated five LUNC burns, burning more than 9.7 billion LUNC. These events have had a significant impact on LUNC in terms of price and investor confidence. In the aftermath of the latest Binance burn, Terra Classic reached a 10 week high, with its market capitalization exceeding $1 billion. The token has since settled around $0.00018. 

The rally demonstrated by LUNC has crypto enthusiasts wondering if maybe memecoins like PEPE and BEFE will follow suit.

While LUNC’s recent price increase demonstrates the potential impact of burns, it’s crucial to understand the distinct characteristics of meme coins like BEFE and PEPE compared to LUNC.

BEFE and PEPE: Riding the meme coin wave

BEFE and PEPE belong to the category of cryptocurrencies that are often inspired by internet jokes, trends, and cultural moments.

Their value primarily stems from community-driven hype and speculation rather than established use cases or underlying technology. Unlike LUNC, they have no direct connection to token burns.

Investing in BEFE and PEPE presents a high-risk, high-reward proposition. While they hold the potential for significant price surges driven by viral marketing campaigns or broader memecoin market sentiment, they are also subject to considerable volatility.

Factors affecting BEFE and PEPE’s price:

• Viral marketing and social media buzz: Unexpected viral campaigns, celebrity endorsements, or community initiatives on social media can trigger sudden price surges.
• Memecoin market sentiment: Broader positive sentiment towards memecoins can indirectly benefit BEFE and PEPE by attracting new investors.
• Exchange listings: Listings on major cryptocurrency exchanges can increase accessibility and liquidity, potentially impacting their price.

Risks associated with BEFE and PEPE:

• Volatility: Meme coins are notorious for their unpredictable price fluctuations, making them unsuitable for risk-averse investors.
• Limited utility: Unlike LUNC, BEFE and PEPE currently lack established use cases beyond speculation, making them dependent on short-term trends and hype.
• Meme coin rivals: The Meme coin space consists of dozens of contenders, with heavyweights like Dogecoin (DOGE) and Shiba Inu (SHIB) constantly challenging BEFE and PEPE.

As of now, Binance is the largest LUNC burner. This crypto giant has burned more than 53 billion LUNC since May 2022. On-chain data shows that Binance carries out multiple LUNC burns every month. Data gathered from CoinMarketCap suggests that both BEFE and PEPE experienced significant rallies in the days following the token burn by Binance. 

BEFE saw its price go from $0.00038 to as high as $0.00046, marking an increase of 21%.

Meanwhile PEPE rallied a whopping 81%, going from $0.0000027 to $0.0000047 in three days.

Both BEFE and PEPE seem to have reacted positively to the latest LUNC burn, and have maintained their bullish momentum.

Crypto analysts speculate that BEFE and PEPE may be well positioned to reach the $0.01 mark ahead of the next LUNC burn by Binance. 

Find out more here:

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