Cremation Coin, a new initiative created to decrease the large supply of cryptocurrency tokens, recently destroyed over 106 million Terra Classic (LUNC) tokens in one transaction. This transaction is the most substantial LUNC burn the project has conducted since its inception in December last year.
The creators of Cremation Coin posted a tweet today, bringing attention to the significant transaction and thanking the community for their substantial support.
The team also shared a graphic showing that the recent transaction burned 106,101,562 (106.1 million) LUNC tokens. As a result, the project has burned 199.7 million Terra Classic tokens since the initiative began last year.
Cremation Coin has contributed weekly to the burning campaign through the recent transaction. Since joining the campaign, the project has continuously burned millions of LUNC tokens weekly by converting 10% of its weekly volume to Terra Classic.
The previous week, Cremation Coin had burned 51 million tokens in a single transaction, which at the time ranked as the third-largest LUNC burn of the year. However, the recent 106 million burns have now taken the third spot, still behind Allnodes’ 123.7 million burns and Binance’s 8.8 billion burns.
After the recent burn, Cremation Coin has climbed up one spot on LUNC Dash’s list of top Terra Classic burners, with 187.5 million LUNC tokens burned. The project is now only 156.8 million tokens away from surpassing Allnodes and becoming the sixth-largest burner of Terra Classic tokens.
However, the total number of Terra Classic token burns for the current week is around 108 million, with LUNC DAO contributing 1.6 million tokens. LUNC DAO has been participating in the burning campaign since its inception and quietly burning LUNC tokens regularly.