Over the last weekend, the Terra Classic (LUNC) recorded massive burns in its network as over 5 million tokens were incinerated during earlier today, the analysis revealed that the validators LUNC DAO and Luna Station 88 accounted for about 90% of the recent total burns.
LUNC DAO And Luna Station 88 Burn Massively
The most recent burn transaction occurred this morning, involving the incineration of 2,190,555 (2.1M) LUNC at 2:44 (UTC), per data from Terra Finder. The transaction memo reads LUNC-DAO-BURN, indicating a connection to the autonomous Terra validator LUNC DAO.
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Notably, the LUNC DAO, one of the participants in the last burn remains one of the active burners in the LUNC community. At the moment, the LUNC DAO is the fifth largest burner and the largest burner among validators, with a total cumulative burn of 437.9M tokens so far, according to data from LUNC Penguins.
Besides LUNC DAO’s latest burn, the community incinerated 3,050,018 (3M+) tokens on Sunday, marking a 3,342% increase from the burn rate recorded on Saturday. Out of the 3M+ tokens, Luna Station 88 – another independent validator – accounted for 2,981,683 (2.9M) tokens.
Luna Station 88’s burn transaction occurred on Sunday at 17:08 (UTC), being the largest single burn over the weekend. The validator has highlighted the transaction through its Twitter handle, and despite not explicitly stating it, the burn is its latest effort at burning a third of its weekly commission.
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It is worth noting that the total burn of the LUNC in the community sits at 38.2 billion, representing 0.55% of the total supply.
With the current rate of LUNC burns, the analysis revealed that 6.89% of the total supply is expected to be burned in five years. Several initiatives have been raised to expedite the burns, as the current rate has not been particularly satisfactory to the community.
Another Way To Get The LUNC Price Up
Recently. a renowned member of the LUNC community has pointed out the sure mean to get the LUNC to 100X its price other than the general belief of the community which solely believes in the LUNC burn to get the price up.
Rex disclosed these measures through his Twitter handle. Still, he shifted focus away from token burns which the broader LUNC community has often touted as one of the most critical campaigns in the journey to rejuvenate the asset.