Over 15M Terra Classic (LUNC) Burnt Over Weekend Amid a Crashing Market

The latest batch of burns brings the total amount of burned tokens to 36.1 billion Terra Classic (LUNC).

While business activities were put on a hiatus, Terra Classic (LUNC) burns persisted over the weekend, as the community witnessed the incineration of up to 15,197,890 (15.1M) LUNC tokens between Saturday and Sunday despite a massively crashing broader crypto market that has so far put pressure on investors’ confidence.

The cumulative 15.1M tokens burn came from a series of numerous 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.

MEXC Global Accounts for 69% of Total Weekend Burns

MEXC Global, which became one of the first exchanges to indicate support for the LUNC burn initiative, persists in its burns, as indicated by the latest burn of 10,587,780 (10.5M) tokens, representing 69.6% of the total amount of tokens burnt over the weekend. Data from Terra Finder reveals that 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.

Recall that MEXC Global disclosed plans to resume the 1.2% tax burn on spot trading within the platform in September, as reported by The Crypto Basic. The exchange 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.

The “Burnalot” Campaign 

All other burns over the weekend came in transactions of less than 100,000 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.

LETS START ANOTHER $LUNC #BURNALOT CAMPAIGN!

IF EVERY #LUNC HOLDER BURNS 100,000 #LUNACLASSIC WE CAN BURN 8.594.200,000 $LUNC TODAY!

LETS DO THIS! ???

POST YOUR #LUNCBURN IN COMMENTS I'LL RETWEET YOU! pic.twitter.com/WIzl0aTfwF

— Crypto King ? (@CryptoKing_NFT) December 17, 2022

Most transactions over the weekend and into the week come with the memo “Burnalot” which was the tag Crypto King ascribed to the campaign. These transactions have ranged from 99K LUNC to 150K LUNC. Despite the comparatively low amount, consistent participation will significantly impact the asset’s supply as the burn initiative continues. Total LUNC incinerated stands at 36.1B tokens, with Binance accounting for 20.1B.

LUNC and the Woes of the Broader Crypto Market

Despite the sustenance of the burning campaign, Terra Classic has not 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.

LUNC has dipped with most mainstream assets, declining by 14.47% in the past seven days to trade at a current value of $0.0001399 as of press time. The asset’s market cap has slipped below the $1B mark to the current $834.87M value. Notwithstanding, the community is optimistic about the asset’s rejuvenation, adopting several developments in this regard.

Last week, Terra validator LUNCTTS noted that the community needs to burn an estimated 2 trillion LUNC for the asset to hit $0.01. The Crypto Basic also highlighted measures a community influencer revealed that could contribute to the asset’s journey to reclaim the $1 price point.