The price of Terra (LUNA) has increased by more than 40% in the previous 24 hours as LUNA holders have burned millions of tokens. Do Kwon, the founder of Terraform Labs, claims that sending LUNA to the burn address is a bad idea and that consumers would lose their tokens.
Do Kwon rejects the LUNA Burn concept
Since Do Kwon revealed the burn address on May 21, the price of LUNA has increased by over 100%. However, Terra’s CEO Do Kwon cleared the uncertainty among LUNA holders in a recent tweet on May 23, as individuals hurried to deposit tokens to the address. He feels that sending tokens to the address will result in them losing tokens.
People were asking Do Kwon about the burn address, so he decided to reveal it. People can continue to send LUNA tokens if they want to, but he doesn’t see any advantage to doing so.
The LUNA price dropped about 15% after the announcement, and is now trading at $0.0001881. Meanwhile, UST has gained 30% in the previous 24 hours, and is currently trading at $0.07616.
The Terra community, on the other hand, continues to send LUNA to the address, hoping that a combined effort will push prices above $1.
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