In recent news, it has been reported that nearly 33 million Terra Classic (LUNC) have been burned in just one week. This significant burn is expected to have a positive impact on the Terra Classic ecosystem, as it will help to decrease the overall supply of LUNC in circulation, potentially leading to an increase in its value.
As of press time, the total weekly burns currently stand at 32,929,066, with four entities accounting for 99.6% of these burns. These include projects such as Cremation Coin, Terra Casino, and validators LUNC DAO and Luna Station.
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Burners Of 33 Million LUNC
The Cremation Coin burn was the largest and the most recent of this week’s transactions. The project incinerated 18.3 million Terra Classic tokens today at 02:12 (UTC). Its burn accounts for 55.6% of the total burns for this week at the time of reporting.
Following the first burn, Terra Casino, the LUNC-based online bookie launched last November, has silently incinerated hundreds of thousands of LUNC tokens daily for the past 7 days, on-chain data reveals. This week alone, the project has burned 1.99 million LUNC tokens in two transactions.
In the past 7 days, Terra Casino has carried out 7 burn transactions, each amounting to at least 990K LUNC tokens. As a result, its cumulative burn in the past 7 days currently stands at 6.9 million Terra Classic.
LUNC DAO
Validators Luna Station and LUNC DAO also made their respective marks in this week’s burns. LUNC DAO incinerated 1.6 million LUNC tokens as part of its weekly commitment to the Terra Classic burn campaign. The validator continues championing the initiative, one of the first entities to jump on it.
Luna Station conducted its burn transaction on Monday at 12:29 (UTC). The transaction involved 10.8 million tokens, making the validator the second-largest burner for this week so far.
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This news comes as more and more investors are showing interest in Terra Classic and other altcoins, which are seen as potentially lucrative investments in the current cryptocurrency market. With the continued growth and development of the Terra Classic ecosystem, many experts predict that the coin will continue to gain momentum in the coming months and years.
As always, investors are urged to exercise caution and conduct their research before making any investment decisions, as the cryptocurrency market can be highly volatile and unpredictable.
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