Terra investors continue to burn LUNC tokens.
Terra Classic Luna investors have continued to support the project as they hope to make LUNC valuable again via a series of community efforts, including burns and staking.
To make this a reality, investors have increased the rate at which they are burning LUNC tokens, with tens of millions of LUNC burnt daily.
Per data shared by LunaBurnTracker, an unofficial Twitter account that covers various Luna Classic burns, nearly 150 million LUNC tokens have been incinerated by investors in less than 72 hours.
According to LUNC Burn, on September 17, 2022, a total of 26,586,512 LUNC (26.5M) were sent to the Luna Burn wallet.
? Daily Burn Stats for Sat Sep 17 2022! 26,586,512 #LUNC ($8,347) burned! ? 36% increase. 79 burns @ 4 BPH. 1 LUNC = $0.00031394 #LunaBurn
— LunaBurnTracker (@LunaBurnTracker) September 18, 2022
In a similar development, 27,337,229 (27.3) LUNC tokens were burned on Sep 18, with the tokens worth around $7,914.
? Daily Burn Stats for Sun Sep 18 2022! 27,337,229 #LUNC ($7,914) burned! ? 2% increase. 53 burns @ 3 BPH. 1 LUNC = $0.00028949 #LunaBurn
— LunaBurnTracker (@LunaBurnTracker) September 19, 2022
Interestingly, 96 million LUNC tokens worth $26,244 were sent to the LUNC burn address earlier today.
? Burn alert! 96,000,000 #LUNC ($26,244) burned to Luna Burn Wallet! https://t.co/nx9poA1RMm #LunaBurn #BurnLuna
— LunaBurnTracker (@LunaBurnTracker) September 19, 2022
LUNC Burn Initiatives
Burning a part of LUNC supply is part of efforts investors believe would bolster the value of the cryptocurrency again.
Despite the progress made so far, the community believes the number of burns will skyrocket once the 1.2% tax burn is implemented for all LUNC on-chain transactions. Some top cryptocurrency exchanges have already announced that they will support the proposal once it goes live on September 20, 2022.