The Terra Classic network project Cremation Coin burned over 24 million LUNC as part of its weekly burning campaign. With another massive LUNC burn, the total burn by Cremation Coin has reached nearly 369 million LUNC tokens.
The latest burn brought some relief to the crypto community amid a continued decline in the LUNC burn rate, with the weekly LUNC burn chart appearing almost flat.
Cremation Coin Burned Over 24 Million Terra Classic Tokens
According to the fire transaction, Cremation Coin sent 24.04 million LUNC tokens to the fire address on April 25. Also, the transaction fee for the transfer was 48,000 LUNC.
Cremation Coin took to Twitter to announce the latest burn and share the transaction details of both LUNC and CREMAT burns. While other projects and validators have stopped contributing to the LUNC burning campaign to reduce the circulating supply, Cremation Coin burned 24 million LUNC tokens.
Total LUNC burns by the Terra Classic community reached 53.45 billion LUNC, with Cremation Coin contributing a total of 368.95 million LUNC. However, the drop in LUNC burn rate and prices has been a concern among the community.
However, new projects coming onto the network are expected to increase the LUNC burning speed in the coming months. TerraPoker commits to burn 10% of rake fees collected through its poker game after proposal 11477 was passed by the community. Others, such as validator LUNC DAO and project GenesisX50, promise to continue the LUNC burns.
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LUNC prize to collect?
The LUNC price remains under pressure as the Terra Luna Classic community faces a minor crisis as core developers Ed Kim and Tobias “Zaradar” Andersen have left the Joint L1 Task Force developer team. The community remains divided over the capabilities of the new Joint L1 Task Force.
The price of LUNC is down 1% in the past 24 hours with the price currently trading at $0.000109. The 24-hour low and high are $0.000108 and $0.000111, respectively. The price is trading below the key support level and a recovery will be difficult amid the current market conditions.
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Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.
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