Terra Classic Sees a New Way to Massively Burn LUNC via 95,342 CEOs. Here’s How It works

The Terra Classic (LUNC) community has been taking necessary steps for the dream revival of the imploded network via a number of burn initiatives.

Before we can say LUNC revival is certain, there is a gargantuan 6.9 trillion LUNC circulating supply that needs to be drastically reduced through burns.

This plan for a remarkable recovery is already in motion via the implementation of a 1.2% tax burn by major exchanges, such as Binance.

Read Also: Terra Rebels Denies Ties With KaJ Labs Over Plans To Burn 2.5 Trillion Terra Classic (LUNC)

Terra Classic Community Suggests CEO Burn

The newly introduced mechanism is called CEO burn. It’s introduced by a Tarra Classic community validator popularly known on Twitter as LUNC DAO.

According to LUNC DAO, there are 95,342 CEOs in the Terra Classic community. If each burns $1 worth of LUNC, they can collectively burn 333.7 MILLION LUNC tokens, which is a very simple way of reducing the token’s circulating supply.

LUNC DAO thereby challenged the teeming CEOs of the Terra Classic community to do the needful for the dream recovery to happen earlier than expected.

LUNC DAO tweeted, “Just had a thought… #CEOBURN. $1 USD = 3500 $LUNC. We have 95,342 CEOs If every CEO burns 3500 $LUNC. That would be 333.7 MILLION $LUNC burned. LET’S SEE WHAT THE 95,342 CEOs of $LUNC DAO CAN DO.”

Read Also: Terra Classic (LUNC) “Great Comeback” Discussed On First French Business News TV Station

The Terra Classic (LUNC) Burn Initiative Already Working

Within a few hours, the simple burn initiative suggested was already working. The unidentified CEOs have been sending 3,500 LUNC tokens to the dead wallet as shared by LUNC DAO in the same thread.

Captioning a screenshot of the inferno wallet’s blockchain data, LUNC DAO wrote, “LUNC COMMUNITY POWER RT AND SPREAD THE WORD GO GO GO GO GO GO GO.”

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