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The burn's been going through the roof for a few months. In an attempt to reduce the sizeable offer of the token, investors took it upon themselves to send coins to dead addresses (burn). We had a downturn in late 2022 as the holiday season came with little impetus, but the first day of the New Year saw this rapid shift. Already, the combustion rate is increasing by more than 6,000% as investors re-engage in the cause.
LUNC Burn Overshoots 6,940%
The LUNC Burn Tracker's Twitter account showed a significant increase in the amount of LUNC chips being combusted. By the end of 2022, the number of sunburn moons had dropped dramatically to 3 digits or less.
For example, on Friday, December 30, just 295,979 LUNC chips were burned for a value of $43. The last day of the year would not be any different because the Burn Tracker account indicated that only 2,022,866 chips valued at $298 were burned. But the story would change dramatically on the first day of the year.
The report indicates that on Sunday, a total of 142,426,318 lunc chips were burned. This corresponds to $21,400, which means that there was an increase of 6,940 pieces burned compared to yesterday. Interestingly, the large majority of the burned tokens came from a single account.
?? Sun's Daily Stats January 01, 2023! 142,426,318 #LUNC ($21,400) burned! ?? 6,940% increase. Fifty burns at three bph. 1 LUNC = $0.00015025 #LunaBurn
— LunaBurnTracker (@LunaBurnTracker) January 2, 2023
The address identified to be from non-custodial hosting and staking service Alludes had burned 123,755,691 tokens worth $18,302 in a single transaction. Another transaction carrying 18,0009,329 tokens worth $2,695 originated from Terra Casino. Combined, these two platforms were the only ones responsible for the massive increase in the rate of combustion.
How does that play out in terms of price?
Higher consumption has had a very positive effect on the price of digital assets. He saw a few wins in the last 24 hours that brought his price comfortably above the $0.00015 level. This high cost of the digital asset also contributes to the high dollar value of tokens burned on January. 1, 2023.
Price increase follows surge in token burn | Source: LUNCBUSD on TradingView.comCoinmarketcap data shows that on the last day, the part is already up by about 4%. It turns it green with the rest of the market – another possible explanation as to why cryptocurrency has seen a positive side recently.
However, such a burn has a tendency to promote a positive feeling in the community. However, it should be noted that even at the current rate, It is far too slow to even make a fraction of the 6 trillion massive tokens that are currently out there.
