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How Can Luna Classic's Social Media Hasten the Burnings?
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[QUOTE="Venus1100, post: 275842, member: 77634"] There has recently been a tax burn movement in Terra known as #burnalot. It started on Discord and is now trending on Twitter to let everyone know that you may participate in the campaign by transferring $10 worth of Terra Luna Classic to the burn wallet to remove it from circulation. To elaborate, it is effectively the same as giving to help everyone who is holding LUNC by participating in the burning mechanism. How exactly does that work? Assume demand remains constant; with tax burn, supply decreases, and so the price of Luna Classic rises. [ATTACH type="full"]56027[/ATTACH] Total LUNC Supply (Day) from StakeBin Binance announced on October 3 that it has destroyed around $1.8 million in Terra Classic. It assists Terra Classic in saving approximately 5.5 million LUNC. This is their first tax burn since responding to Terra Community's suggestion in September. According to StakeBin, the entire LUNC supply decreased by 6 billion on Monday, representing a 1600.51% decrease from the previous day. At the time of writing, the price of LUNC has increased by 0.36% in the last 24 hours. The Terra community can rejoice as additional social media initiatives, such as #burnalot, boost the burn mechanism. Will Luna Classic see another price increase in this dismal market? MEXC Global is looking forward to seeing what the future holds. Simultaneously, MEXC implemented the burn mechanism and invite all crypto enthusiasts to purchase LUNC to assist the Terra community! [/QUOTE]
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