Terra Classic Project Burns 16 Million LUNC Tokens, Becomes Top Burner

Terra Classic project Cremation Coin burned 16,455,507 LUNC tokens on Tuesday. With the latest burn, the newly launched project has burned over 28.6 million LUNC tokens in less than a month. Validators and projects running on the Terra Classic network commit to burn millions of LUNC tokens after crypto exchange Binance temporarily suspended its LUNC burn mechanism until March.

Cremation Coin Burns 16 Million Terra Classic (LUNC) Tokens

Cremation Coin, a newly launched project, sent 16,455,507 Terra Classic (LUNC) tokens to the burn address, marking the third-largest LUNC burn transaction this month.

Terra classic validator Allnodes leads the tally with over 123 million LUNC tokens burned on January 1. It is followed by TerraCasino project that burned over 26 million LUNC tokens in two transactions, 18 million LUNC burned on Jan 1 and 8 million LUNC on Jan 9.

The Terra Classic community has in total burned over 226 million LUNC tokens in January amid the push to increase the burn rate. Also, the total LUNC tokens burned by the community has reached over 38 billion LUNC tokens. Moreover, the total LUNC tokens staked has reached almost 903 billion, with staked supply ratio of 13.14%.

Cremation Coin shared the burn transaction on Twitter, noting the commitment to the community. However, the project commits to burn billions in LUNC tokens and needs the community’s support. It plans to burn 10% of the project’s total transaction volume in LUNC every week.

“Another 16,455,507 LUNCH gone! Great job, but we can do better! We need everyone talking about this project’s potential! New website on the way, AMA tomorrow, staking coming! You better get on now before it takes off.”

The project’s total burns now account for 28,694,091 LUNC, which would have already made it the 19th largest burner on the LUNC Penguins portal. However, an earlier 12 million LUNC burn was not counted due to technical reasons. At the time of writing, the Cremation Coin is the 23rd largest LUNC burner, more than Terra Classic influencer Classy Crypto.

LUNC price currently trades at $0.000172, up 2% in the last 24 hours. The trading volume has jumped over 40% in the last 24 hours.

Also Read: Will This New Development Help Terra Classic’s (LUNC) Price To 5X?

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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