106 Million LUNC Burnt by Cremation Coin in One Transaction
The Cremation Coin project, which was created to decrease the abundance of digital currencies, recently burnt more than 106 million Terra Classic (LUNC) coins in a single transaction. This is the greatest single LUNC burn since it was initiated in December.
The people responsible for the project highlighted the transaction in a tweet today, and expressed their appreciation for the generous assistance they received from the public.
The team additionally presented a visual which showed that the transaction included up to 106.1 million LUNC tokens. This recent exchange brings the project’s total Terra Classic destruction to an impressive 199.7 million tokens since they began the effort last year.
Cremation Coin has been demonstrating their commitment to the burn initiative by getting rid of millions of LUNC tokens each week and exchanging 10% of their currency for Terra Classic. This week’s burn transaction is just another example of that contribution.
Last week, the project burnt 51 million tokens in one go, positioning it as the third greatest single LUNC consumption for this year at the time. Its recent 106 million burn has now taken over as the third biggest single burn, still placed behind Allnodes’ 123.7 million burning and Binance’s recent 8.8 billion incineration.
Cremation Coin has recently increased its index of burns to 187.5 million LUNC, which has pushed it up one spot on the list of Terra Classic burners maintained by LUNC Dash. This amount currently puts Cremation Coin at 156.8 million tokens away from becoming the sixth largest burner, surpassing Allnodes in the process.
At present, the sum of Terra Classic tokens burned this week is estimated to be around 108 million tokens, with LUNC DAO contributing 1.6 million tokens. The autonomous validator has been participating in the token burning initiative since early on, disposing of its LUNC tokens every week.