Terra Classic (LUNC) Burn Rate Spikes by 6,940% on the First Day of 2023. Here’s how

The Terra Classic community commenced the massive burn of LUNC tokens in 2023 as the burn rate spiked by over 6,900% on the first day of the New Year after over 142 million tokens were destroyed.

The update was shared on the 2nd of January 2023 by LunaBurnTracker, a platform dedicated to tracking all LUNC tokens sent to the dead wallet.

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LunaBurnTracker tweeted, “Daily Burn Stats for Sun Jan 01 2023! 142,426,318 LUNC ($21,400) burned! 6,940% increase. 50 burns @ 3 BPH. 1 LUNC = $0.00015025.”

It’s worth noting that two transactions accounted for the largest portion of the whopping burn. Allnodes, a popular Terra Classic validator, burned over 123.7 million LUNC in a single transaction, representing relatively 87% of all LUNC burned for the day.

The new burn has taken the total LUNC tokens destroyed by Allnodes to about 344.3 million, which is the third largest contribution to LUNC incarceration by any validator, according to the data from LUNCPenguins.

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The whopping burn was also reported by Allnodes on Twitter.

The second burn, which was initiated by Terra Casino, sent about 18 million LUNC tokens to the inferno wallet. This was confirmed on Twitter by the Terra Classic decentralized application (Dapp). This also implies that it has so far burned about 42.7 million LUNC.

Terra Casino tweeted, “We said we could smell something burning. Starting the year @TerraCasino the way we aim to carry on… with red hot form and a massive LUNC betting burn.”

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