Cremation Coin Burns 24M LUNC Amid Declining Burn Rate

Cremation Coin, a project on the Terra Classic network, just completed a weekly burn campaign in which it burnt almost 24 million LUNC. As a result of today’s enormous LUNC burn, Cremation Coin has already burned almost 369M LUNC in total.

Even if the LUNC burn rate has been going down recently, the last burn has been a welcome respite for the crypto community. On April 25th, 24.04 million LUNC tokens were burned by Cremation Coin by being transferred to the burn address. Additionally, 48k LUNC was charged as the transfer cost.

Burn Rate Expected to Rise

On Twitter, Cremation Coin announced the most recent burn and detailed the corresponding LUNC and CREMAT transactions. Cremation Coin destroyed 24 million LUNC tokens as other projects and validators stopped participating in the LUNC burn campaign. All eyes are now on the next Binance burn.

53.45 billion LUNC were burned by the Terra Classic community, with 368.95 million LUNC coming from Cremation Coin. Concerns were voiced, however, when both the LUNC burn rate and pricing dropped.

The LUNC burn rate is projected to rise in the coming months as a result of additional projects joining the network. In light of the community’s approval of Proposal 11477, TerraPoker has pledged to burn ten percent of the rake fees it earns from its poker game. Several more initiatives, such as validator LUNC DAO, and project GenesisX50, have pledged to keep the LUNC burning.

Since Ed Kim and Tobias “Zaradar” Andersen, two of the Joint L1 Task Force’s major developers, departed the project, the price of LUNC has been under pressure. Opinions in the community are still split on how effective the new Joint L1 Task Force will be.

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