Members of the Terra Classic community continue to burn millions of LUNC daily, either by sending the token directly to the official Terra Classic burn wallet or through the 0.2% tax burn initiative.
As updated by LuncBurnTracker, a Twitter handle that tracks LUNC burns on the Terra Network, an anonymous wallet sent approximately 36 million tokens to the burn address within 24 hours. Thus, removing these amounts of LUNC worth $5,460 at the time of execution from the token’s circulating supply.
“Daily Burn Stats for Monday, November 21, 2022. 35,789,630 LUNC ($5,460) burned! 33 burns @ 2 BPH,” LuncBurnTracker wrote.
— LunaBurnTracker (@LunaBurnTracker) November 22, 2022
Notably, this volume of LUNC was incinerated in just 5 transactions. In one of the burn transactions, 25,170,414 LUNC worth about $3,862 at the time of execution were sent to the dead wallet. In another burn, 6,584,563 Terra Classic tokens worth $1,024 were sent to the same inferno wallet. Also, 2,600,000 LUNC worth $396 and 2 million LUNC were burned in separate transactions.
On Monday, the 0.2% tax burn implementation also accounted for 127.5 million LUNC burns. According to Terrarity, the total LUNC burned equaled 28,345,851,222, at press time. Meanwhile, over 889 billion LUNC have been staked while the circulating supply of Terra Classic continues to decline rapidly.
🔥Total burned $Lunc: 28.29b🔥
Burned 24hrs 0.2% burn tax: 127.5m
Vol24h: $141,019,359$Lunc Staking
— LUNC Burn (@LunaBurn_13) November 22, 2022
Binance, the largest digital assets exchange by 24-hour trading volume is among the top contributors to the Terra Classic burn movement. The exchange’s next LUNC burn execution is planned for December 2.