Terra Classic (LUNC) burns continue to surge.
@LunaBurnTracker, a Twitter handle that tracks all Terra Classic burns, revealed the number of LUNC incinerated yesterday. According to LunaBurnTracker, 35,789,630 (appr. 35.79M) LUNC were burned yesterday.
? Daily Burn Stats for Mon Nov 21 2022! 35,789,630 #LUNC ($5,460) burned! 33 burns @ 2 BPH. 1 LUNC = $0.00015257 #LunaBurn
— LunaBurnTracker (@LunaBurnTracker) November 22, 2022
LUNC Burns
The Twitter handle also highlighted some of the network’s major burns yesterday. Per Luna Burn Tracker, an anonymous wallet transferred 1 million LUNC official burn wallets about 20 hours ago.
? Burn alert! 1,000,000 #LUNC ($155) burned to Luna Burn Wallet! https://t.co/M6Hi6h8M5C #LunaBurn #BurnLuna
— LunaBurnTracker (@LunaBurnTracker) November 21, 2022
A few hours later, the LUNC burn tracker also reported that another 6,584,563 (6.58M) Terra Classic tokens ($1,024) were sent to the burn wallet.
? Burn alert! 6,584,563 #LUNC ($1,024) burned to Luna Burn Wallet! https://t.co/1aJ1E6Abwp #LunaBurn #BurnLuna
— LunaBurnTracker (@LunaBurnTracker) November 21, 2022
It did not take long before another address incinerated a whopping 25,170,414 (25.17 million) LUNC.
? Burn alert! 25,170,414 #LUNC ($3,862) burned to Luna Burn Wallet! https://t.co/YdC7CQQ9Nv #LunaBurn #BurnLuna
— LunaBurnTracker (@LunaBurnTracker) November 21, 2022
2.6 million LUNC tokens valued at around $396 were also burned, @LunaBurnTracker revealed.
? Burn alert! 2,600,000 #LUNC ($396) burned to Luna Burn Wallet! https://t.co/nNMzSpfmF3 #LunaBurn #BurnLuna
— LunaBurnTracker (@LunaBurnTracker) November 21, 2022
According to @LuncBurn_13, another Twitter handle that tracks LUNC burns, 28.29 billion tokens have been sent to the dead wallet. @LuncBurn_13 noted that 127.5 million LUNC were destroyed through the 0.2% tax burn in the past 24 hours.
It is worth noting that the burns are part of an ongoing campaign to reduce the circulating supply of Terra Classic tokens. Aside from LUNC burns, the community has staked nearly 900 billion LUNC. According to stats, 889,116,030,196 (889.1 billion), LUNC tokens have been staked. At the moment, LUNC’s circulating supply currently sits at 5.99 trillion.
?Total burned $Lunc: 28.29b?
Burned 24hrs 0.2% burn tax: 127.5mT/S: 6,879,544,710,706
C/S: 5,990,428,680,509
M/C: $912,342,288
Vol24h: $141,019,359$Lunc Stakingbonded: 889,116,030,196
unbonded: 37,696,925,656
% t/s: 12.92% ?#Lunc #LUNCcommunity #luncburn #lunaclassic— LUNC Burn  (@LunaBurn_13) November 22, 2022
LUNC Circulating Supply to Drop in Coming Weeks
LUNC’s circulating supply will drop in the coming weeks. Notably, Binance is continuously burning LUNC from the fees obtained via the token’s trading activities on the exchange.
Binance has so far incinerated roughly 13.7 billion LUNC via the initiative. However, the world’s largest crypto exchange changed its LUNC burn schedule to monthly instead of weekly. Based on this, Binance will make its next LUNC burn on December 2, 2022.
The Terra community still has other ways it uses to accelerate burns. A case in point is the lottery game launched last month by Terra Rebels; Each lottery ticket is sold for 5,000 LUNC. 26% of the total LUNC for each round is usually sent to the dead wallet. As reported, Terra Rebels burned 7.93M LUNC in the second round of the lottery game.
As reported by The Crypto Basic, Rexzy had asserted that Terra Classic’s upcoming casino could burn 26 billion Terra Luna Classic (LUNC) in 6 months.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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