A newly launched cryptocurrency project called Cremation Coin continues to contribute to the Terra Classic (LUNC) burn. With the final burn from the project, Cremation Coin has brought the total LUNC burn contribution to over 28 million.
The project team, which burns LUNC weekly to support the Terra Classic supply reduction initiative, announced earlier today that more than 16 million LUNC tokens have been burned. announced.
Another 16,455,507 #LUNC gone!NEWS CONTINUES BELOW
Great job, but we can do better!
We need everyone talking about this project’s potential!NEWS CONTINUES BELOW
New website on the way, BUT 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
This announcement was shared on Twitter shortly after the transaction took place. The team said, “16,455,507 more LUNCs are gone.” Additionally, with the rewards in the project’s native token CREMAT and LUNC, plans to launch staking soon have been announced. According to the team, this initiative will contribute to the burning of more LUNC.
Cremation Coin announced on January 3 that it would support the burning campaign. The project has so far removed a total of 28,694,091 (28.6 million) LUNCs from circulation. The last 16.5 million LUNC burnings are the second largest LUNC burning event since the start of 2023. The largest one-shot burning was recorded on January 1, when approximately 18 million LUNCs were burned thanks to the Terra Casino project.
It is worth noting that the Cremation Coin project burned 10% of the project’s total trading volume on LUNC on a weekly basis.
Overall, the Terra Classic community is making progress in the LUNC burn movement, as the total LUNC incineration volume of all contributors, including the tax burn initiative, stands at 38,279,759,754 LUNC at the time of this writing.
On the other hand, this total amount also shows that only 0.56% of Terra Classic’s total supply was burned. The goal of the Terra Classic community is to reduce the overinflated LUNC supply from the initial 6.9 trillion to 10 billion.
However, this number could see a significant increase in the coming periods as Binance is likely to continue burning LUNC after suspending burn support for a few months.
You can follow the current price action here.