Another Massive Terra Classic Burn Ahead Binance Burn, Will LUNC Price Recover?
Terra Classic network-based project Cremation Coin burned over 24 million LUNC as part of its weekly burn campaign. With another massive LUNC burn, the total burn by Cremation Coin has reached nearly 369 million LUNC tokens.
The latest burn gave some relief to the crypto community amid a continued decline in the LUNC burn rate, with the weekly LUNC burn chart almost appearing flat.
Cremation Coin Burned Over 24 million Terra Classic Tokens
As per the burn transaction, Cremation Coin sent 24.04 million LUNC tokens to the burn address on April 25. Also, the transaction fee for the transfer was 48k LUNC.
Cremation Coin took to Twitter to announce the latest burn and shared the details of the transactions of both LUNC and CREMAT burns. While other projects and validators have stopped contributing to the LUNC burn campaign to reduce the circulating supply, Cremation Coin burned 24 million LUNC tokens.
The total LUNC burns by the Terra Classic community reached 53.45 billion LUNC, with Cremation Coin contributing 368.95 million LUNC in total. However, the drop in the LUNC burn rate as well as the prices raised some concerns for the community.
However, new projects coming onto the network are expected to increase the LUNC burn rate in the coming months. TerraPoker commits to burn 10% of the rake fees collected through its poker game, after Proposal 11477 was passed by the community. Others such as validator LUNC DAO and project GenesisX50 promise to continue the LUNC burns.
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LUNC Price To Rally?
LUNC price remains under pressure as Terra Luna Classic community facing a minor crisis as core developers Ed Kim and Tobias “Zaradar” Andersen left the Joint L1 Task Force developer team. The community remains divided over the capabilities of the new Joint L1 Task Force.
LUNC price fell 1% in the last 24 hours, with the price currently trading at $0.000109. The 24-hour low and high are $0.000108 and $0.000111, respectively. The price is trading below the key support level and a recovery will be difficult amid the current market conditions.
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