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273 Million LUNA Tokens Burnt in the Last 24 Hours Raising the Price By More than 75%, But How Long?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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May 23, 2022

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Highlights

    As the founder shared the burning address, a huge influx of tokens was recorded within the burn address and hence this led to a significant rise in the LUNA price

    However, the bears became pretty active in not time and hence the price after facing rejection is consolidating within a narrow range

The Terra-UST crisis appears to have taken a sharp twist as the founder shared a burn address which witnessed a huge influx of LUNA tokens. Despite the multiple reminders given by the founder himself, people in the wake of rising the price are just losing out on their tokens. Therefore, as reported previously, despite a minor jump in the price which may be stabilized soon, no specific change may be expected as an outcome of a LUNA burn.

It all started when the founder of Terra, Do-Kwon proposed a revival plan which included forking the present blockchain and creating new tokens. The LUNA holders irrespective of when they bought the tokens, were announced an airdrop of new tokens. However, the community and some popular analysts insisted on burning the excess LUNA tokens to stabalize the prices. 

Also Read: Top Altcoin Which May be the Best Bet Before the Beginning of the Altcoin Bull Cycle!

Recently, the community asked Do-Kwon to provide a burn address for LUNA,where-in they could burn the token. As the founder released the address, nearly 273 million LUNA have now been burnt at the press time. 

lunaburn
Source: Bitquery

This indeed uplifted the price by more than 100% initially it significantly jumped from $0.0001 to as high as $0.0002 in the past couple of days. However, the price is still hovering around the gained levels but also faced a minor rejection. Yet the founder still believes that burning LUNA is nothing but burning tokens, the traders own which may not be a profitable deal. 

Do-Kwon after sharing the address which can also be used to burn UST stablecoin as well also said,

“People kept asking for the burn address- happy to provide for information purposes but want to clarify that you should not burn tokens unless you know what you are doing – I for one cannot understand,”

Currently, LUNA’s price is swinging around $0.0001917 are hitting the highs above $0.0002 a couple of times since early trading hours. On the other hand, TerraUSD (UST) stablecoin also leapt long to hover above $0.081 but quickly dropped to the current levels around $0.072.

Also Read: Terra Initiates Voting On New Proposal To Burn Remaining Reserves

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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