Despite the progress made in the ongoing Luna Classic burn, the Terra classic community has been pushing for new ways to speed up the combustion of the token’s total supply.
A recent tweet from LUNC DAO called on followers of the Twitter account to collectively destroy 333.7 million LUNC tokens. The twitter account called on its 95,342 followers to all send at least $1 worth of LUNC to the burn wallet.
At the time of posting, $1 was equivalent to 3,500 Luna Classic tokens. This means that if all 95,342 followers join the campaign, a total of 333.7 million LUNC will be destroyed.
The campaign started successfully. Many followers adhered to the guideline and sent at least 1 dollar to the burn wallet. The LUNC DAO twitter account also shared a screenshot of all transactions to the burn wallet. It is not entirely clear how many tokens have been burned by this action.
Binance is very important
The above community actions are of course well-intentioned and show the power of the Luna Classic community. However, these kinds of actions on their own won’t do too much. The vast majority of tokens will have to be burned via crypto exchanges and Binance is an important player in this. Recently, Newsbit reported that Binance has made a very bullish decision for LUNC investors.
The exchange platform has decided to burn all trading costs on the spot and margin trading at the stake. This works like a train and will eventually lead to a rapid decrease in the number of LUNC tokens.