Cremation Coin, which operates on the Terra Classic network, has burned over 24 million LUNC tokens as part of its weekly burn campaign. This marks a significant contribution to the overall burn rate, which has been in decline in recent weeks. The total LUNC burn now stands at nearly 369 million tokens, with Cremation Coin responsible for a large portion of this figure.
Details of the transaction
The LUNC tokens were sent to the burn address on April 25, and the transaction fee amounted to 48,000 LUNC. Cremation Coin announced the burn and shared details of the transactions of both LUNC and CREMAT burns. While other projects and validators have stopped contributing to the burn campaign to reduce the circulating supply, Cremation Coin continues to make a significant contribution.
Despite the burn, the LUNC price remains under pressure, with a 0.96% decrease in the last 24 hours and an 11.87% decrease in the past week. The community has also faced a minor crisis as core developers Ed Kim and Tobias “Zaradar” Andersen left the Joint L1 Task Force developer team. This has caused some division within the community regarding the capabilities of the new Joint L1 Task Force.
Looking ahead
Although the drop in the LUNC burn rate and prices has raised some concerns for the community, new projects are expected to increase the burn rate in the coming months. TerraPoker, for example, has committed to burning 10% of the rake fees collected through its poker game.