Terra Classic Burn Rate Spikes 7.3K% As Over 20M LUNC Burned

Most LUNC burns in the past 24 hours have come from the Burn and Build validator run by anonymous influencer Crypto King.

Up to 20.9M Terra Classic (LUNC) tokens have been burned in the past 24 hours amid a rally that has resulted in a 6% price surge, making LUNC the highest-gaining asset in the past day among the top 100 mainstream tokens.

The “Burn and Build” Burn

The Burn and Build validator node operated by anonymous crypto influencer Crypto King has accounted for over 95% of the total LUNC burns within the past 24 hours, burning up to 20M tokens in a single transaction. According to Crypto King, the significant burn was his team’s way of expressing gratitude to the community for delegating to them.

“Our LUNC burn and build node just burned 20 MILLION Terra Luna Classic” he remarked in a tweet Friday. The Terra influencer also shared a Terra Finder link to the burn transaction and urged others to stake with his validator, which went live in late October. The node has a cumulative burn of 21M so far.

?MASSIVE $LUNC BURN ALERT?

Our $LUNC burn and build node just burned 20 MILLION Terra Luna Classic!!!

I wanted to give back to you guys in a massive way, thank you to everyone who stakes with my node that made this possible!!!

— Crypto King ? (@CryptoKing_NFT) December 23, 2022

A few hours after the incineration exercise, Crypto King further revealed that he plans to burn 100% of all the profits he will attract from running his Burn and Build validator node until further notice. He has not provided any context on how long this practice will continue. As previously reported, notable influencer Classy Crypto carried out a similar practice this week.

A growing pattern prevalent amongst independent Terra validators is engaging in LUNC burns to contribute to the burning campaign and attract delegations from community members. Consequently, several validators are among the top 10 biggest burners, including LUNC DAO and Allnodes.

LUNC Rallies Amidst a Flat Market

Meanwhile, LUNC has embarked on a sole rally amidst an otherwise flat market. While other assets have flatlined in the past 24 hours, the asset has gained by 6.11%, making it the highest-gaining token amongst the top 100 assets within the timeframe.

LUNC’s price surge became apparent on Thursday when reports of Binance’s second round of LUNA airdrop and rumors of a planned LUNC bulk purchase by Coinbase surfaced. The momentum remains sustained, with the asset changing hands at $0.0001454 as of press time.

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