Just starting to contribute to the Terra Classic burning event, Cremation Coin has grown rapidly to become the eighth largest LUNC burner.
Launched on Binance Smart Chain last December, the project continues to contribute to burns on a weekly basis. The purpose of the burns is to support the Terra Classic community in reducing the total supply of LUNC to 10 billion.
Earlier today, Cremation Coin was a single in the process It subtracted 51.7 million LUNC from Terra Classic’s total supply. This was the third largest LUNC burn transaction to occur in one go since the year started.
Cremation Coin has promised to burn 10% of the project’s total trading volume as weekly LUNC, and it does this every week. In January, the team destroyed more than 16 million Terra Classic tokens in a single transaction, while at the beginning of February it removed nearly 2 million LUNC from circulation.
According to today’s burn update, the team behind Cremation Coin urged the community to support the LUNC burn volume boost project.
On Thursday, leading crypto exchange Binance ce burned 8.9 billion LUNC, making it the largest single burn transaction ever in 2023. It is worth noting that Binance is currently the largest contributor to the LUNC burn, with over 28.9 billion tokens. The organization called Burn Tax ranks second in the list, burning a total of 14.6 billion LUNC to date.
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