Amid a collapsing market, almost 15M Terra LUNC units burned over the weekend. With the most recent burn, 36.1 billion Terra Classic tokens have been destroyed.
While business operations were suspended over the weekend, the community saw the burning of up to 15,197,890 (15.1M) Terra Classic (LUNC) tokens between Saturday and Sunday despite a severely collapsing larger crypto market that has so far weakened investors’ confidence.
The cumulative 15.1M token burns resulted from several burns totaling hundreds of thousands of LUNC tokens, with MEXC Global, a cryptocurrency exchange situated in Seychelles, responsible for the only notable transaction.
MEXC Global Is Responsible for 69% of Weekend Terra LUNC Burns
MEXC Global continues to burn tokens, as seen by the most recent burn of 10,587,780 (10.5M), which accounts for 69.6% of the total tokens burned over the weekend.
MEXC Global was one of the first exchanges to support the LUNC burn program. The burn transaction took place on December 18, 20:12 (UTC), according to data from Terra Finder, with a blank memo.
The burn transaction took place from an official MEXC Global-affiliated wallet, according to data from the LUNC burns surveillance platform by LUNCPenguins, despite the lack of a helpful tip that led to the exchange.
Many members of the neighborhood have thanked the exchange for its dedication.
Remember that MEXC Global announced plans to resume burning 1.2% of the platform’s spot trading revenue in September, as reported?
The exchange is guaranteed to supply transaction IDs for burns conducted between the time of the exchange and October 1.
Due to its dedication, MEXC remains the fourth-largest LUNC burner, burning 1,017,206,565 (1B) LUNC tokens cumulatively, second only to Binance in terms of the exchanges involved.
Most Weekend Burn has an affiliation with the Burnalot Campaign
Over the weekend, no other burns occurred in transactions involving more than 100,000 tokens.
However, most of them had documents proving their participation in a current campaign launched on Saturday by an unnamed Terra Classic influencer named Crypto King.
He commanded all LUNC owners to burn at least 100,000 tokens to demonstrate their support for the cause.
The memo “Burnalot,” the name Crypto King gave the campaign, appears on most transactions over the weekend and the following week.
Between 99K and 150K LUNC have been exchanged in these trades. Despite the relatively small amount, regular involvement throughout the burn program will considerably impact the asset’s supply.
36.1 billion LUNC coins have been burned in total, with 20.1 billion coming from Binance.
Terra LUNC and the Bear Crypto Market
Terra Classic has not been spared the recent bombardment the bears have imposed on the larger crypto market, despite the support of the burning campaign.
The bearish storm has been compounded, as previously reported, by the macroeconomic climate in the United States and recent FUD around Mazars Group’s decision to quit dealing with cryptocurrency exchanges.
As with other assets, LUNC has fallen in value; as of the publication, it was trading at $0.0001399 after falling 14.47% over the previous week.
The asset’s market worth has decreased from $1B to its present $834.87M value.
Despite this, the neighborhood is enthusiastic about the asset’s revival and has adopted several changes in this direction.
Last week, Terra validator LUNCTTS indicated that for the asset to reach $0.01, the community must burn an estimated 2 trillion LUNC.
Additionally, steps that a local influencer disclosed that would aid in the asset’s quest to recapture the $1 price mark were emphasized.