The official LunaClassic HQ Twitter page has just revealed an exciting update. The burn rate of Terra Classic (LUNC) is moving closer to a historic high of 70 billion tokens.
According to the update, a significant total of 68.3 billion LUNC tokens have already been burnt, accounting for approximately 0.99% of the overall supply.
Token burning is a common practice in the crypto world and is undertaken to decrease the number of tokens in circulation. The aim is to create a sense of scarcity, with the hope that the value of the specific digital asset will rise due to increased demand. The crypto project Shiba Inu (SHIB) is a perfect example of consistent token burning to manage excess supply.
Read Also: Terraport Rugger Steals Additional 590 Million LUNC Tokens: Details
A Terra Classic proposal was previously approved to burn all LUNC tokens in the community pool and those reminted from Binance’s LUNC burn wallet. The primary objective of this proposal was to burn a sufficient number of Terra Classic tokens for the revival of the digital asset.
$LUNC BURN UPDATE
We’re getting close to 70Billion LUNC BURN
Hold 🌕 #LuncArmy pic.twitter.com/ACeagflUSQ
— LunaClassic HQ 🌕 ™ (@LunaClassicHQ) July 10, 2023
Binance Joins the LUNC Burn Campaign
Leading cryptocurrency exchange Binance has played a crucial role in this token-burning campaign. In the 11th batch of the LUNC burn mechanism, Binance sent 2.65 billion Terra Classic tokens to a dead wallet.
The 11th batch burn also attracted a transaction fee of 13.25 million LUNC, which is included in the overall figure. As of July 1st, the total number of LUNC tokens burnt by Binance, under the leadership of Changpeng ‘CZ’ Zhao, had exceeded 35.5 billion tokens. This figure encompasses trading fees from LUNC spot and margin trading pairs.
LUNC Burn Rate Improving
Notably, the LUNC burn rate has shown significant improvements over the past few months, especially with the involvement of projects such as DFLunc, TerraCasino, and Cremation Coin in the token burn trend. Collectively, these contributions have contributed to the remarkable value of today’s total burned Terra Classic tokens.
Read Also: Terra Classic Community Rejects “Six Samurai” Team’s Proposal to Revive LUNC: Here’s why
The Future of Terra Classic (LUNC)
The future of LUNC is uncertain, but the increasing burn rate is a positive sign. If the burn rate continues to increase, it could help to reduce the circulating supply of LUNC and increase its value. However, there are also other factors that could affect the price of LUNC, such as the overall state of the cryptocurrency market.
It is important to note that the LUNC burn is not a guarantee that the price of LUNC will increase. However, it is a positive sign for the token, and it suggests that there is still some support for LUNC.
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