Friday, February 3

Terra Classic Burns A Whopping Over 15 Million Over The Weekend

Amid the general crypto market bear, the community of LUNC hasn’t ceased burning Terra Classic token as the recent record show that a total of 15,197,890 (15.1M) LUNC tokens were burnt between last Weekend and Sunday despite a massively crashing broader crypto market that has so far put pressure on investors’ confidence.

MEXC Global Contributes Significantly To The Weekend Burns Of LUNC

The massive cumulative burn of over 15.1 million tokens was captured to have come in serious burns to the tune of hundreds of thousands of LUNC tokens, with the only single significant transaction standing out ascribed to Seychelles-based crypto exchange MEXC Global.

Read Also: Top Non-custodial Wallet Guarda Adds Support On Shiba Inu, Shiba Inu Enthusiasts Can Now Purchase Goods With SHIB

Notably, MEXC Global contributed significantly to the weekend burn with over 69% of the total amount of tokens burnt which represents 10,587,780 (10.5M) tokens per  Data from Terra Finder, the burn transaction occurred on December 18, 20:12 (UTC), with a blank memo.

Despite the lack of a helpful hint that points to the exchange, the burn transaction happens to have occurred from an official MEXC Global-affiliated wallet, information from the LUNC burns surveillance platform by LUNCPenguins reveals. Several community members have expressed their gratitude to the exchange for its commitment.

It is worth noting that the giant burner of the week, MEXC Global, plans to resume the 1.2% tax burn on spot trading within the platform in September and the platform promised to provide transaction IDs of burns made from the time till October 1. Due to its commitment, MEXC remains the 4th biggest LUNC burner, with total cumulative burns of 1,017,206,565 (1B) LUNC tokens, second only to Binance concerning exchanges involved.

Read Also: What Community needs to do to get LUNC to $0.01.

Notably, all the LUNC burns over the weekend came in transactions of less than 100k tokens. Still, most of them had memos that indicated an affiliation with a recent campaign started by anonymous Terra Classic influencer Crypto King on Saturday. He charged all LUNC holders to burn at least 100,000 tokens to show solidarity for the movement.

The Weekend Burns Came With A Memo “Burnalot”

The record stated that most of the transaction that was initiated between the weekend to this week came with a memo “Burnalot” which was the tag Crypto King ascribed to the campaign. These transactions have ranged from 99K LUNC to 150K LUNC. 

However, the Terra Classic hasn’t escaped the recent onslaught meted out on the broader crypto market by the bears. As previously reported, the U.S. macroeconomic atmosphere and recent FUD surrounding Mazars Group’s decision to stop working with crypto exchanges have exacerbated the bearish storm despite of the zealous campaign.

At the moment, the LUNC is down by 14.47% in the past seven days to trade at a current value of $0.0001399. it is worth noting that the LUNCTTS recently made an analysis that will make LUNC sell at $0.01 point.


Follow us on Twitter, FacebookTelegram, and Google News

Share this:

Leave a Reply

Your email address will not be published. Required fields are marked *