Unknown Wallets Burn 35M Terra Classic In 24 Hours, 125M By 0.2% Tax burn PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Unknown Wallets Burn 35M Terra Classic In 24 Hours, 125M By 0.2% Tax burn

– Advertisement –Follow-Us-On-Google-News

Terra Classic (LUNC) burns continue to surge.

@LunaBurnTracker, a Twitter handle that tracks all Terra Classic burns, revealed the number of LUNC incinerated yesterday. According to LunaBurnTracker, 35,789,630 (appr. 35.79M) LUNC were burned yesterday.

LUNC Burns

The Twitter handle also highlighted some of the network’s major burns yesterday. Per Luna Burn Tracker, an anonymous wallet transferred 1 million LUNC official burn wallets about 20 hours ago.

A few hours later, the LUNC burn tracker also reported that another 6,584,563 (6.58M) Terra Classic tokens ($1,024) were sent to the burn wallet.

It did not take long before another address incinerated a whopping 25,170,414 (25.17 million) LUNC.

2.6 million LUNC tokens valued at around $396 were also burned, @LunaBurnTracker revealed.

According to @LuncBurn_13, another Twitter handle that tracks LUNC burns, 28.29 billion tokens have been sent to the dead wallet. @LuncBurn_13 noted that 127.5 million LUNC were destroyed through the 0.2% tax burn in the past 24 hours.

It is worth noting that the burns are part of an ongoing campaign to reduce the circulating supply of Terra Classic tokens. Aside from LUNC burns, the community has staked nearly 900 billion LUNC. According to stats, 889,116,030,196 (889.1 billion), LUNC tokens have been staked. At the moment, LUNC’s circulating supply currently sits at 5.99 trillion.

LUNC Circulating Supply to Drop in Coming Weeks

LUNC’s circulating supply will drop in the coming weeks. Notably, Binance is continuously burning LUNC from the fees obtained via the token’s trading activities on the exchange.

Binance has so far incinerated roughly 13.7 billion LUNC via the initiative. However, the world’s largest crypto exchange changed its LUNC burn schedule to monthly instead of weekly. Based on this, Binance will make its next LUNC burn on December 2, 2022.

The Terra community still has other ways it uses to accelerate burns. A case in point is the lottery game launched last month by Terra RebelsEach lottery ticket is sold for 5,000 LUNC. 26% of the total LUNC for each round is usually sent to the dead wallet. As reported, Terra Rebels burned 7.93M LUNC in the second round of the lottery game.

As reported by The Crypto Basic, Rexzy had asserted that Terra Classic’s upcoming casino could burn 26 billion Terra Luna Classic (LUNC) in 6 months.

– Advertisement –

  • Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.Click Here
  • Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
  • Source: https://thecryptobasic.com/2022/11/22/unknown-wallets-burn-35m-terra-classic-in-24-hours-125m-by-0-2-tax-burn/?utm_source=rss&utm_medium=rss&utm_campaign=unknown-wallets-burn-35m-terra-classic-in-24-hours-125m-by-0-2-tax-burn

Time Stamp:

More from The Crypto Basic