To this day, the burning activity of the Terra Luna Classic (LUNC) tokens has been in place. There are many from the LUNC community that have been participating in the burning of LUNC to increase its demand.
Finally, it seems that their efforts have started to pay off as the trading price of the LUNC tokens has started surging. The past 24-hours have been very phenomenal for the LUNC community members.
They got to see the trading price of the asset shoot higher due to the LUNC activity picking up the pace in recent days.
Huge Number of LUNC Burned
According to the analytical firms, a great number of LUNC tokens have been burned by community members. It is due to the heavy burning of the tokens that the trading price of the asset has shot higher.
The data collected shows that in the past 24-hours, 20.9 million LUNC have been burned by the LUNC supporters. This has caused a major rally in the trading price of the LUNC token in the same period.
In the past 24 hours, the trading price of LUNC has surged 6%. Due to the strong rally, it has become one of the strongest gainers in the cryptocurrency market in the latest trading session.
To be precise, on the list of top 100 cryptocurrency assets, LUNC has recorded the highest gains in the past 24-hours.
It is a promising sight for the LUNC community members who have been so dedicated to helping and pushing the asset’s price higher. They kept trying since September to push LUNC’s price higher but did not succeed.
Finally, their burning activities have turned fruitful and the value of the asset has started to move in the right (positive) direction.
Crypto King is a Savior
Crypto King is among the saviors of the LUNC network. Several proposals had been made after the demise of Terraform Labs to save the LUNC tokens.
However, none of the strategies were working and everyone was sad as they knew that the token would die one day.
This is when Crypto King, an anonymous crypto influencer came up with the idea of creating a scarcity of the LUNC tokens. He proposed that if the tokens were burned, it would end up increasing the token demand.
With the supply of the tokens moving downward, the value of the tokens would continue surging.
Therefore, he set up a burning address for the LUNC tokens and it has been used since October to burn a large number of LUNC tokens.
The particular wallet is managed through the Burn and Build validator node. It is responsible for receiving the LUNC tokens and burning them so the value of the tokens keeps on rising.
After the Crypto King’s initiative, several other wallets were introduced but the particular address is the most popular and active.
Even in the past 24-hours, 95% of the total LUNC tokens burned have been sent to the particular wallet address. This shows that Crypto King is among the most trusted and highly credible personalities in the crypto industry.
Crypto King even thanked all of the contributors confirming that in the past 24-hours, they had burned over 20 million LUNC tokens.
He urged more contributors to send the LUNC tokens over so they can be burned to help push the token’s price higher.
A Major Announcement by Crypto Kingdom
Crypto King has been very fair and square when it comes to the entire initiative. He revealed that the node he is running also brings in profit from the burns.
However, he has confirmed that all of the profits he has and will generate from the burning exercises will be used to burn even more LUNC tokens.
This is a huge achievement not only for the LUNC token that stands at $0.0001454 but also for the contributors, who have made it happen.
If the burning activity continues, the value of the LUNC token will keep on surging.