Crypto has been in talks for a couple of years now about Lunc Burn. It has been a bumpy ride for the crypto heads in recent years. However, the ones that do have a fair knowledge of the concept, manage to make huge profits. There are many coins that are being focused on by crypto investors. Though Bitcoin and Ethereum are the two coins that are the most trusted. Nonetheless, there have been some coins that, even though have been controversial but still, grab the interest of the crypto heads.
One of those coins is Luna classic also known as Terra classic (lunc). Luna has a lot of people talking about everything about it. However, in this article, we will be talking about lunc burn and everything related to it. If that sounds interesting to your ears, sit back and stay tuned and let us dig deeper into the matter. So, without any further delay let’s learn.
The LUNC burn
For a few months now, the LUNC burn has been in full force. Investors had started sending money to burnt-out (dead) addresses in an effort to cut down on the token’s abundant supply. As the holidays arrived with little pace, there had been a downturn near the end of 2022, but this has since changed swiftly. As investors recommit to the project, the burn rate has already increased by more than 6,000%.
The Leap of LUNC burn
The quantity of LUNC tokens being burned has significantly increased, according to the LUNC Burn Tracker account on Twitter. LUNC burn statistics had significantly decreased to 3 digits and lower by the end of 2022.
For instance, just 295,979 LUNC tokens worth $43 were destroyed on Friday, December 30. As the burn tracker account stated, just 2,022,866 tokens worth $298 were burned on the final day of the year. But on the first day of the year, the tale would be very different. According to the study, 142,426,318 LUNC tokens were destroyed in total on Sunday. This equalled $21,400, which meant that there were 6,940 more burned coins than the day before.
Reflection on Price
The price of the digital asset has responded favourably to the increase in the LUNC burn rate. Over the past 24 hours, it has experienced some advances that have lifted its price safely above the $0.00015 mark. The large value of the burned tokens on January 1, 2023, is also a result of the high price of the digital asset.
According to data from Coinmarketcap, the coin has already increased by around 4% in the last day. This places it in the black, along with the rest of the market, which is another reason why cryptocurrency has recently seen an increase in value.
Nevertheless, a burn like this one helps to encourage favourable attitudes in the neighbourhood. However, it is crucial to keep in mind that even at the current pace, it would take a very long time to even scratch the surface of the enormous 6 trillion tokens already in use.