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 Terra founder Do-Kwon came up with a recovery plan that included creating the current blockchain and creating new tokens. LUNA holders, regardless of when they purchased the tokens, were announced an airdrop of new tokens. However, the community and some popular analysts insisted on burning excess LUNA tokens to stabilize prices.
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.
This indeed increased the price by more than 100% initially, it went from $0.0001 to $0.0002 in the last two days. However, the price is still hovering around the won levels but also faced a minor rejection. Yet, the founder still believes that burning LUNA is nothing but burning tokens, which traders own, which may not be a profitable business.
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, but want to clarify that you shouldn’t burn tokens unless you know what you’re doing – for me, I can not 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.
