What’s the Latest on Terra Classic (LUNC) Burning? When Will The 10 Billion Supply Target Be Achieved?

As known Terra Classic (LUNC) The community recently voted to add a combustion mechanism to their ecosystem.

Terra Classic Tokens Burned This Week Amount 7.2 Billion

According to the incineration mechanism, 1.2% incineration tax is deducted from each transaction in the LUNC network. However, according to the data announced last week, a total of 7.47 billion tokens were burned.

Calculated as of Monday, October 2, the amount of LUNC burned after that date was 7.2 billion. This number does not include the burn amount that will be announced by Binance tomorrow. In the data released last week, Binance burned approximately 6 billion tokens.

With the latest data, the amount of Terra Classic token burned outside the stock market reached 14,734,740,043 in total.

32 More Years Required to Achieve 10 Billion Supply Target

Data from analytics platforms show that at current burn rate, it will take approximately 32 years to bring LUNC tokens down to 10 billion in circulation. An average of about 600 million tokens have been burned daily so far.

At the time of this writing, the LUNC price is trading at $0.00029372. Altcoins It broke its all-time high price record of $119 on April 5, 2022.

After the stablecoin of the Terra ecosystem, UST, lost its index to the dollar, there were sudden decreases in price and the price of LUNC was almost zero. Following the developments, an arrest warrant was issued by South Korea for Terra founder Do Kwon. In addition, the country aims to invalidate Do Kwon’s passport.

Do Kwon, on the other hand, denies that he is currently on the run and states that he continues his normal life.

*Not investment advice.