MEXC News: Luna Classic's Campaign on Social Media May Accelerate the Burning

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There has just been a #burnalot tax burn movement in the Terra community. Terra Luna Classic in the amount of $10 can be sent to the burn wallet to remove it from circulation. The campaign was started on Discord and is currently trending on Twitter to let everyone know about it. To further clarify, it is comparable to making a donation to encourage everyone nearby who is carrying LUNC to join in the burning process. How does that function? Imagine that if demand remains constant, tax burn will result in a reduction in supply, which will raise the price of Luna Classic.
Total LUNC Supply (Day) from StakeBin

On October 3, Binance provides an update stating that it had burned Terra Classic valued roughly $1.8 million. It aids Terra Classic in lowering about 5.5 million LUNC. In response to the suggestion made by the Terra community in September, they have just completed their first tax burn. StakeBin reports that on Monday, the overall supply of LUNC decreased by 6 billion, or 1600.51% more than the day before.

LUNC's price has increased by 0.36% as of the writing of this article, which is hardly much change in the last day. This is wonderful news for the Terra community as more social media efforts like #burnalot encourage the burn mechanism. Will the cost of Luna Classic increase again in a down market? MEXC Global is intrigued to see what lies ahead.