The Rising Count of Burned Terra Classic (LUNC) Tokens Nears the 70 Billion Milestone

Bombolo | News and Media

In recent updates from the official LunaClassic HQ Twitter page, it has been confirmed that the burn rate of Terra Classic (LUNC) tokens is steadily approaching the significant milestone of 70 billion.

Also Read: The Rise of Terra Luna Classic: LUNC Price Forecast Soars by 48%

Burning Tokens to Enhance Value

As per the shared update, the total number of LUNC tokens burned currently stands at an impressive 68,303,850,914, which accounts for approximately 0.99% of the total supply. Out of this figure, 44,789,088,501 LUNC tokens have been sent to the designated burning address.

Terra Luna Classic's Token Burning Proposal

Recently, a proposal was approved within the Terra Luna Classic community. The proposal entails burning all Terra Classic tokens from the community pool, along with the tokens reminted from Binance's LUNC burn wallet. The primary objective of this proposal is to burn a substantial amount of Terra Classic tokens, restoring the digital currency's legacy prior to the de-pegging of its associated algorithmic stablecoin, USTC.

Also Read: The Future of Luna Classic (LUNC) and Its Potential to Reach $1 Again

Binance Joins the LUNC Burn Campaign

Leading cryptocurrency exchange, Binance, has played a crucial role in the ongoing burn campaign. In the 11th batch of the LUNC burn mechanism, Binance facilitated the transfer of a total of 2.65 billion Terra Classic tokens to a dead wallet.

The transaction for this 11th batch incurred a fee of 13.25 million LUNC, which was included in the overall figure. As of July 1st, Binance had burned over 35.5 billion LUNC, which includes trading fees from LUNC spot and margin trading pairs.

The burn rate of LUNC has seen significant improvement in recent months, particularly due to the involvement of projects like DFLunc, TerraCasino, and Cremation Coin. The cumulative efforts of these initiatives have contributed to the current value of the total burned Terra Classic tokens.

The Terra Classic (LUNC) token burn campaign has gained momentum, with the total burned tokens steadily nearing the 70 billion milestone. This effort to reduce the circulating supply of LUNC tokens aims to boost the value of the digital asset. Notably, leading exchange Binance has actively participated in the burn campaign, furthering the cause. With the collaboration of various projects and ongoing token burns, the value of the total burned Terra Classic tokens continues to rise.

Also Read: From $100 to $1.12 Million: Unlocking the Millionaire Potential of #TerraClassic (#LUNC) Token Burns

FAQs

1. Q: What is the purpose of burning tokens in the cryptocurrency world?
   A: Token burning is commonly performed to reduce the circulating supply of a specific cryptocurrency token, with the goal of increasing its value through market demand.
2. Q: How much of the total LUNC supply has been burned so far?
   A: As of now, approximately 0.99% of the total LUNC supply, equivalent to 68,303,850,914 tokens, has been burned.
3. Q: Which exchange has actively participated in the LUNC burn campaign?
   A: Binance, one of the leading cryptocurrency exchanges, has played a significant role in the ongoing burn campaign of Terra Classic (LUNC) tokens.
4. Q: How has the burn rate of LUNC improved recently?
   A: The burn rate of LUNC has seen notable improvement with the involvement of projects such as DFLunc, TerraCasino, and Cremation Coin.
5. Q: What is the significance of burning tokens for Terra Luna Classic?
   A: The burning of Terra Classic tokens aims to restore the legacy of the digital currency and stabilize its associated algorithmic stablecoin, USTC.