LUNC Community Hits 85 Billion Mark
The LUNC community has been actively burning tokens for about a year now, with millions of tokens being taken out of circulation each week. This effort aims to reduce the circulating supply of over 5.8 trillion tokens, and so far, tens of billions of tokens have been burned.
According to the LUNC Metrics website, the community recently achieved a major milestone by burning 85 billion tokens. In just one week, they burned over 1.7 billion tokens, bringing the total number of tokens burned to approximately 85 billion.
As a result of this achievement, both LUNC and USTC token prices have started rallying again, indicating a potential correlation between the burn initiative and price performance. The rebranded LUNA token has also seen an increase in value.
The LUNC burn initiative has received strong support from Binance, which continues to burn fees generated from trading activity. Additionally, the burning practice has expanded to the USTC token, with thousands of coins being burned daily.
Shiba Inu Burn Effort
The Shiba Inu community burn has had a more significant impact on price compared to LUNC. Around 45% of the total token supply has been burned, primarily due to Ethereum founder Vitalik Buterin receiving half of the SHIB token supply in 2021. Buterin eventually burned most of the tokens and donated some to a COVID relief fund.
The Shiba Inu community remains committed to reducing the token supply. Recently, there was a substantial spike in burn rate, with a rise of over 7.6 million percent in just 24 hours. This momentum continued into the following week, with over 152 million tokens burned on Sunday alone.
Despite the increased burn rate, the SHIB token price has not been significantly affected and has remained close to breakeven during the same period.
Hot Take: Shiba Inu Community Leads in Token Burn Impact
While both the LUNC and Shiba Inu communities have made efforts to burn tokens and reduce their supply, the Shiba Inu community’s burn initiative seems to have had a more noticeable impact on token price. With a larger percentage of tokens burned and significant spikes in burn rate, the Shiba Inu community has demonstrated a stronger influence on token value. However, it is essential to monitor both communities’ ongoing burn efforts and their potential effects on price performance.
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