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HomeCrypto NewsIn 24 hours, Over 142M LUNC Burnt, LUNC Burn Rate Jumps Over...

In 24 hours, Over 142M LUNC Burnt, LUNC Burn Rate Jumps Over 6,900%

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According to a tweet from dedicated LUNC burn tracker LunaBurnTracker (@LunaBurnTracker) today, the burn rate for Terra Luna Classic (LUNC) increased by more than 6,900% after Terra Classic enthusiasts burned more than 142 million LUNC on New Year’s Day.

Most of the burns were attributed to two large transactions.

First off, Allnodes accounted for more than 87% of the day’s total LUNC burns, with a single transaction burning over 123.7 million LUNC. According to data from #LUNCPenguins, it increased the overall LUNC burn from the popular validator to around 344.3 million LUNC, making it the validator with the third-largest contribution to LUNC burns. It ranks as LUNC’s sixth-largest burner overall.

Read also: 23M LUNC Burned by Terra Classic Casino in a Month

Terra Casino made the second transaction. In a tweet posted yesterday, the decentralized Terra Classic app acknowledged that it had sent 18 million LUNC to the burn wallet, bringing its total LUNC burn to around 42.7 million LUNC.

Read more: Terra Classic Regains Market Cap; Up 16% Over the Last Day

Notably, the DApp hinted at the burn in a tweet two days ago.

“Getting ready for a mega burn,” Terra Casino tweeted.

Remember that when the casino launched the network at the end of November last year, it pledged to burn 0.2% of all betting volume. At the time, TerraCVita, an independent Terra Classic development group, claimed it could burn 24 billion LUNC in 6 months.
It’s important to note that the Terra Classic community has started several burn initiatives to lower the 6.9 trillion LUNC supply that has occurred from the ecosystem collapse in May of last year. According to a recent post by fxcryptonews, it has burned more than 36.9 billion LUNC, or more than 0.5% of the supply, with assistance from validators and exchanges.

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