The latest burn brings Cremation Coin’s total burns to 28.6M LUNC in less than a month.
The Terra Classic (LUNC) burn campaign is receiving support from all corners, as Cremation Coin – a newly-launched project – recently incinerated 16,455,507 (16.4M) tokens in one fell swoop, marking the second-largest single transaction seen this year after the Terra Casino burn of 18M+ tokens on New Year’s Day.
Cremation Coin highlighted the burn on Twitter today shortly after the transaction was completed, noting that the move is a commendable one but they feel they can do better. Moreover, data from Terra Finder suggests that the burn occurred today at 2:57 (UTC), with the memo “Cremation Coin Burn.”
Another 16,455,507 #LUNC gone!
Great job, but we can do better!
We need everyone talking about this project's potential!
New website on the way, AMA tomorrow, staking coming!
You better get on now before it takes off. #CREMAT ❤️🔥 #LUNC
Buy: https://t.co/SrqZP42Ors pic.twitter.com/VlOGX3ADcU
— Cremation Coin 🔥Weekly LUNC Burns🔥 (@Cremation_Coin) January 31, 2023
The recent burn is Cremation Coin’s latest incineration exercise since it decided to make its contributions to the campaign on January 3. The project’s total cumulative burns now sit at 28,694,091 (28.6M) LUNC, which would have already made it the 19th largest burner if its wallet had been added by LUNC Penguins.
The project, which was launched on the Binance Smart Chain last December, claims that its goal is to support tokens with huge total supplies by contributing to their respective burn campaigns. According to the team behind the project, they have chosen to start with Terra Classic and will move to another token once they have reached their LUNC burn target.
To this end, they revealed plans to burn 10% of the project’s total transaction volume in LUNC every week. Last Thursday, the project incinerated 8.9M tokens in two separate transactions as previously reported. The team has also disclosed plans to launch staking soon, with rewards in CREMAT, the project’s native token, and LUNC.
Following the latest burn from Cremation Coin, total burns this week now sit at 19M+ tokens, with four days left to go. Data from TerRarity, a blockchain analytics tool, reveals that 38.2B tokens have been burned since the burn initiative began, representing 0.55% of the total supply.