Wednesday, February 1, 2023
HomeCrypto NewsOver 20M LUNC Burned in Terra Classic, Pumping The Burn Rate to...

Over 20M LUNC Burned in Terra Classic, Pumping The Burn Rate to 7.3%

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In the last 24 hours, up to 20.9M Terra Classic (LUNC) tokens have been burned during a rally that has increased the price by 6%, making LUNC the asset with the biggest daily gain among the top 100 popular tokens.

The “Burn and Build” Burn

Over 95% of all LUNC burns over the last 24 hours have been executed by the Burn and Build validator node managed by anonymous crypto influencer Crypto King, who has burned up to 20M tokens in a single transaction. According to Crypto King, the massive burn was his team’s way of thanking the community for delegating to them.

“Our LUNC burn and build node just burned 20 MILLION Terra Luna Classic” he remarked in a tweet Friday. A Terra Finder link to the burn transaction was also posted by the Terra influencer, who also advised people to stake using his validator after it went live in late October. The node has already burned 21M cumulatively.

Read more: Terra Classic Development Group TerraCVita Has Released a Whitepaper

A few hours after the exercise, Crypto King announced further that he intended to burn 100% of all the earnings he would generate from operating his Burn and Build validator node till further notice. He has not given any information about the timeline for this procedure. As previously reported, prominent influencer Classy Crypto engaged in a similar activity this week.

Independent Terra validators have a rising trend of participating in LUNC burns to support the burning campaign and draw delegations from the community members. As a result, LUNC DAO and Allnodes are two validators that are among the top 10 biggest burners.

LUNC Rallies in the Face of a Dull Market

Amidst a generally flat market, LUNC has started the only rally. The asset has increased in value by 6.11% during the last 24 hours, outpacing other assets’ flatlining performance and ranking first among the top 100 assets during that period.

On Thursday, news of Binance’s second round of LUNA airdrop and rumors of a forthcoming Coinbase bulk LUNC buy appeared, causing the price of LUNC to jump. As of the time of publication, the momentum was still there, and the asset was being traded at $0.00014508.

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