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LUNC Price to Rise Amid Rising Weekly Burn?

  • Terra Classic's weekly burn campaign destroyed 15 million LUNC tokens, a record.

  • The burn address received 2,048,861 LUNC from Cremation Coin. More than 30 million LUNC have been burned to burn 10% of the project's weekly transaction volume.

08-Feb-2023 By: Shikha Jha
LUNC Price to Rise A

Over 15 million LUNC tokens have been destroyed by the Terra Classic community, marking a new record in the weekly burn campaign.

Over 226 million LUNC tokens were burned by the Terra Classic community as a whole in January, keeping the market stable when cryptocurrency exchange Binance temporarily halted its LUNC burn mechanism until March.

In comparison to the 12 million LUNC tokens burned in early January, the community has burned almost 15 million LUNC tokens this week. The neighbourhood successfully expanded their weekly burn and made progress as a unit, marking a new milestone.

Community of Terra Classic burns 15 million LUNC tokens.

The 2023 LUNC token burn goal set by the Terra Classic community is billions of tokens. After Binance suspended its LUNC burn mechanism till March, validators and projects actually supported the LUNC burn campaign successfully. The community has already burned a total of 38.2 billion LUNC tokens.

This week, the community has burnt almost 15 million LUNC under the leadership of validators and initiatives. In collaboration with crypto influencer Bull.BnB, TerraCasino burnt 10,059,442 LUNC, which was the largest burn. TerraCasino expressed its dedication to the community on Twitter. In less than three months, it had used 63 million LUNC.

A recently launched initiative called Cremation Coin delivered 2,048,861 LUNC to the burn address. In order to burn 10% of the project's total weekly transaction volume in LUNC, the project has already burned more than 30 million LUNC altogether.

On Sunday, Validator LUNC DAO burned 1,944,387 LUNC, keeping its ranking as the fifth-largest Terra Classic token burner. Other community members caused the remaining burns.

Aiming to upgrade the chain from version 1.0.4 to version 1.0.5, the Joint L1 Task Force developer team, lead by professor Edward Kim, has submitted Proposal 11310, which Binance has announced support for. Block height 11,543,150 will undergo a Terra network upgrade on February 14.

The price of Terra Classic (LUNC) is currently $0.0001849, up more than 7% in the past week. $0.00017971 is the 24-hour low, and $0.00018707 is the 24-hour high.

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