The number of Terra Classic (LUNC) tokens sent to inactive wallets is close to reaching 70 billion.
The official LunaClassic HQ Twitter page has confirmed that the Terra Classic (LUNC) token burn rate is steadily approaching 70 billion.
Token Burning to Enhance Its Value:
The latest update reveals that approximately 68.3 billion LUNC tokens have been burned so far, accounting for approximately 0.99% of the total token supply. Of this burned amount, 44.8 billion LUNC tokens have recently been sent to the burning address.
$LUNC BURN UPDATE
We’re getting close to 70Billion LUNC BURN
Hold 🌕 #LuncArmy pic.twitter.com/ACeagflUSQ
— LunaClassic HQ 🌕 ™ (@LunaClassicHQ) July 10, 2023
Burning tokens is a common practice in the crypto world to decrease the circulating supply of a specific token. By doing so, the aim is to potentially boost the value of the token through increased market demand. One example of a crypto project that regularly burns excess tokens is the Shiba Inu (SHIB) protocol.
A proposal for burning all Terra Classic tokens from the community pool, along with the tokens reminted from Binance’s LUNC burn wallet, has been approved.
The main objective of the proposal was to burn a sufficient amount of Terra Classic tokens in order to revive the reputation of the digital currency, which had experienced a detachment from its associated algorithmic stablecoin USTC.
Binance Joins LUNC Token Burn Campaign:
Binance, a prominent cryptocurrency exchange, has actively participated in the burn campaign. In the latest development, Binance contributed by sending 2.65 billion Terra Classic tokens to an inactive wallet as part of the 11th batch of the LUNC burn mechanism.
During the 11th batch of the LUNC burn, a transaction fee of 13.25 million LUNC was incurred and included in the overall figure. As of July 1st, Binance, led by Changpeng ‘CZ’ Zhao, had burned over 35.5 billion LUNC tokens, which includes trading fees from LUNC spot and margin trading pairs.
In recent months, the burn rate of LUNC has shown notable improvement, particularly with the participation of projects like DFLunc, TerraCasino, and Cremation Coin in the burn trend. The cumulative effect of these efforts has resulted in the current value of total burned Terra Classic tokens.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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