Luncburn According to data (a Twitter account that provides updates on the daily amount of LUNC sent to the burn address), 1,520,377 LUNCs worth $438 in 100 transactions on Oct. cremated. This represents an 86% decrease from the previous day’s figures. On October 5, over 10,322,295 coins worth $3,091 to burn address in 134 transactions was sent. Altcoin price is up 0.22% in the last 24 hours, here are the details.
First of all, it is worth noting that the data for the burned LUNC resource differs from portal to portal. On October 3, Binance burned 5.59 billion (5,595,907,838) LUNC. This amount is equivalent to $1,863,213. The first batch of LUNC transaction fees burned covers the timeframe from September 21 to October 2.
Binance previously announced that it will implement a burn mechanism to reduce the overall supply over the coin’s trades. The exchange reported that LUNC will use 0.1% of the transaction fees received from all trades to burn the coin.
Sending a token to an unused-dead crypto wallet is called “burning” it. This reduces the number of coins in circulation to accelerate price action. Also, for victims of the collapse of the Terra ecosystem, burning a large percentage of LUNC’s total supply is the best way to revive the token’s value.
Koinfinans.com As we reported, the results of the initial burn were inconclusive, although most predicted Binance will burn around 15 billion per week.
Besides, the initial amount of LUNC burned made up only 0.08% of the total supply. According to LUNC.TECH, a Twitter account that provides updates on the coin’s burn amount, the total number of coins burned so far is 14,317,819,480 LUNC, representing 0.2% of the total supply.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.