LUNC News Update 21ST DEC 2022
On Wednesday, over 13 million LUNC coins were destroyed in an one transaction by the Terra Classic validator Classy’s Crypto Sphere. The community has now destroyed more than 36.231 billion LUNC tokens, bringing the grand amount to over 36 billion billion.
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ClassyCrypto, an influential figure in Terra Classic, is connected to the Classy’s Crypto Sphere validator in some way.
ClassyCrypto Makes a Contribution Towards the Burn Effort of Terra Classic (LUNC)
In a tweet published on December 21, Terra Classic influencer ClassyCrypto claimed that the company would formally be destroying all of their LUNC validator commission. The burn includes things like the almost 8 million LUNC tokens that were Classy’s Crypto Sphere validator commission, ad money from LUNC films on YouTube, and other things.
$LUNC BURN TIME! 🚨🔥 WE'VE OFFICIALLY BURNT 100% OF OUR #LUNC VALIDATOR COMMISSION (8M) & SOME EXTRA!
13 MILLION #LUNACLASSIC HAS BEEN BURNT (after .2% tax)
PROOF : https://t.co/n4Wc1mufAq
The MORE Delegate we have THE MORE WE BURN!
Stake with us HERE : https://t.co/qHSTbs6uMS pic.twitter.com/FRvbjuzfb1
— Classy 👾 (@ClassyCrypto_) December 20, 2022
After a 0.2% burn tax, ClassyCrypto said that they have burned almost 13 million LUNC tokens. He also talked about how the LUNC was sent to the burn address. It shows that 12,787,487.63 LUNC tokens were sent to the burn address, along with transaction fees of 25,575 LUNC tokens.
I also spent all the money that our LUNC videos on YouTube made this month from ads. Our focus on LUNC is on fire.
Other people in the Terra Classic community thanked ClassyCrypto for doing what he said he would do and helping the community burn.
On Tuesday, ClassyCrypto tweeted that Classy’s Crypto Sphere validator is switching to a 100% commission-burned model. It will “move toward a model that is 100% non-profit and 100% for the community.” He told everyone that the plan was to destroy billions of LUNC tokens in 2023.
Over 36.231 billion LUNC tokens have been burned by the Terra Classic community up to this point. Most of the burn is done by the cryptocurrency exchange Binance, which has burned more than 20 billion LUNC tokens. Also, through the burn tax, the community has burned more than 11 billion LUNC tokens.
LUNC’s price drops as the market as a whole sells off.
The price of LUNC is now $0.00013, which is 3% less than it was 24 hours ago. The price of LUNC dropped a lot, along with the rest of the cryptocurrency market. The 24-hour low is $0.0001295 and the 24-hour high is $0.0001354.
Edward Kim and Zaradar
Edward Kim and Zaradar, two of the main developers of Terra Classic, quit Terra Rebels. This makes it unclear what will happen to LUNC in the future. But it was later found out that Edward Kim and Zaradar will work together on a new team and keep making changes.
Source: Google Trend