en
Back to the list

5.4M Terra Classic Burnt By a Single Wallet

Altcoins

thecryptobasic.com 05 December 2022 09:16, UTC
  
Reading time: ~2 m

5.6M Terra Classic (LUNC) tokens were burnt in the past 24 hours, with a single wallet incinerating up to 5.4M in one transaction.

Terra Classic (LUNC) remains on the path to absolute rejuvenation, as the community witnessed cumulative burns to the tune of 5,619,272 LUNC tokens on Sunday. Among these 5.6M tokens, a single wallet accounted for up to 5.4M incineration, representing over 96% of all the tokens burned for the day.

The first burn transaction for Sunday occurred at 3:04 (UTC), according to Terra Finder, and it involved the incineration of 80,000 LUNC tokens. Coming without a memo, little is known of the entity behind the burn transaction.

LUNC DAO Burns up to 5.4M LUNC

Notwithstanding, the largest transaction in the past 24 hours occurred on December 4, 20:38 (UTC), as the network witnessed the incineration of 5,431,032 LUNC tokens at once. Data from Terra Finder indicates that the transaction comes with the memo LUNC-DAO-BURN-38, suggesting a connection to the independent Terra validator LUNCDAO.

LUNCDAO remains one of the most active LUNC-burning entities, as it persistently incinerates as many tokens as possible to uphold its commitment to supporting the Terra Classic revival campaign. The latest burn represents its 38th batch of burns, with the 37th batch occurring on November 28, as previously reported.

LUNCDAO secures the fifth position on the list of entities with the highest burns, with total burns almost double the value of fellow validator Allnodes. The most recent burn brings LUNCDAO’s total burns to 415M+ tokens. Last month, LUNCDAO burned up to 22M tokens in a single transaction, marking one of its largest burns to date.

The Broader Campaign for Terra Classic’s Rejuvenation Remains on Track

Meanwhile, the broader campaign for the resurrection of the Terra Classic token remains on track, with the community showing no signs of relenting. The independent group committed to the revival of the token, Terra Rebels, also continued to make its mark.

On November 30, Terra Rebels unveiled a new Terra Classic Wallet to reduce dependence on Terra Station, a few days after it debunked rumors of abandoning the chain, assuring the community of its continued support as it switches to a budgeted work model.

The Terra Classic community may get Osmosis support in burning LUNC. Terra Classic Network is also set to re-open IBC channels tomorrow.

Last week, The Crypto Basic highlighted two factors that could contribute to LUNC’s journey to $1, which include real-world utility, and increased burns. The community is torn between which is of greater importance.


   Source
Back to the list