More Than 16M Terra Classic Burnt by Newly-Launched Project

Terra Classic Plan to Stop TGF From Paying Jacob Gadikian

This activity supports the Terra Classic (LUNC) burn campaign from all quarters. 

Cremation Coin, a recently-launched project, recently burned 16,455,507 (16.4M) tokens in a single transaction, making it the second-largest single transaction this year after the Terra Casino burn of 18M+ tokens on New Year’s Day. 

The most recent burn takes Cremation Coin’s total burning in less than a month to 28.6M LUNC.

Immediately following the transaction, Cremation Coin publicized the burn on Twitter, adding that while the deed is laudable, they believe they can do better. 

Additionally, according to data from Terra Finder, the burn occurred today at 2:57 (UTC), with the memo “Cremation Coin Burn.”

Cremation Coin Recent Burn

Since deciding to contribute to the campaign on January 3, the most recent burn by Cremation Coin has been an effort in incineration. 

The project has burned 28,694,091 (28.6M) LUNC in total, which would have already placed it as the 19th highest burner if LUNC Penguins had added its wallet.

The project, introduced in December on the Binance Smart Chain, states that its objective is to assist tokens with large total supplies by funding their respective burn campaigns. 

The team behind the project has decided to start with Terra Classic and will switch to another token after they have hit their LUNC burn target, according to the team.

They disclosed plans to burn 10% of the project’s entire weekly transaction volume in LUNC to achieve this. 

As was previously reported, the project burned 8.9 million tokens on Thursday in two different transactions. 

The project’s native coin, CREMAT, and LUNC will be used as rewards for staking, which will start soon, according to the team.

With four days left, this week’s total burns currently stand at 19M+ tokens after the most recent burn from Cremation Coin. 

Data from TerRarity, a blockchain analytics platform, shows that 38.2B tokens, or 0.55% of the entire supply, have been burned since the burn campaign started.

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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