- The volatile cryptocurrency witnessed a 100 per cent pump over the weekend.
- The cryptocurrency by Terraform Labs had wiped out erasing billions of dollars of investors in May.
- Do Kwon doesn’t recommend LUNA burning and believes it will make users lose their tokens.
The past 24 hours have seen the Terra (LUNA) jumping beyond 40%, as holders of LUNA burns millions of tokens. Despite this, Do Kwon, Terraform Labs’ founder, emphasized that sending LUNA to the burn address isn’t a wise move and will make users lose their tokens.
He took to Twitter to make the same announcement:
To clarify, as I’ve noted multiple times i dont think sending tokens to this address to burn tokens is a good idea – nothing happens except that you lose your tokens
Want there to be no confusion whatsoever https://t.co/GrzG9cclAr
— Do Kwon 🌕 (@stablekwon) May 23, 2022
Ever since Do Kwon shared the burn address on May 21, price of LUNA surged more than 100%. However, on May 23, Kwon, in his latest tweet, mentioned the confusion among LUNA holders, as more and more people made their way towards sending token to the address. According to him, doing so will not yield anything constructive and users will end up losing their tokens.
Being constantly asked about the burn address, he shared the status via a tweet:
There u go
— Do Kwon 🌕 (@stablekwon) May 21, 2022
Though he said that it is totally people’s call to send LUNA tokens, he has no idea about any benefit possible upon doing so.
Clarifying the same, Do Kwon 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.
Right after his statement, price of LUNA corrected by nearly 15%, trading currently at $0.0001881. Meanwhile, UST is also up 30% in the last 24 hours, with the current price trading at $0.07616. Moreover, Terra community continues to send LUNA to the address, believing that a joint support will push prices above $1.
The Terraform Labs is focused on forking Terra after 66% voter in favor of the rival plan. Under the rebirth plan, a new Terra blockchain and LUNA ($LUNA) token will happen. Also, Terra developers have shown support and commit to build on the fork on public channels.
10/ Call to action: we encourage Terra developers to signal support & commit to build on the fork on public channels ASAP.
— Do Kwon 🌕 (@stablekwon) May 16, 2022
This isn’t the first time when LUNA is getting attention for all the wrong reasons. Earlier, KSI had made fun of LUNA while disclosing losing $2.8 Million in a Day.