- Investors trying to help LUNA continue to send their tokens to invalid addresses after the Terra crash that bled the market. 25 million in the last 24 hours LUNARemoved from circulation by the Terra community.
Having a very bad day after going through a big collapse all of a sudden. terraIn a response to an investor who wanted to support the project on Twitter on May 21, Do Kwon, CEO and founder of LUNA tokenHe has published a dead wallet address where they can send their . The tweet quickly became one of Do Kwon’s most engaged tweets, with approximately 280 million LUNA tokens sent to the published wallet very quickly.
terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu
there u go
— Do Kwon 🌕 (@stablekwon) May 21, 2022
The total amount of LUNA transferred to the incineration address reached 289 million with a total transaction count of 2,719, which means that the average number of tokens sent to inferno addresses for incineration in a single transaction is around 107,000 LUNA.
However heartwarming the investors’ intentions were, their efforts were likely in vain. On May 23, just two days after the CEO’s burning address was published, Do Kwon explained that sending LUNA to this address meant nothing but losing tokens.
“To be clear, as I’ve said over and over, I don’t think it’s a smart idea to send tokens to this address to burn them – nothing happens except you lose your tokens.
I don’t want any confusion”
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
It is worth noting that 254 million LUNA were sent to the wallet from the moment the address was first published until the tweet where the idea was meaningless, and then the number of tokens sent remained at 25 million.
How did the Luna burn affect the price?
However, given that the collapse of the project increased the token count to 6.9 trillion, the burning of around 300 million tokens had little impact on the price and market cap of LUNA.
Recently, the charts of both indicators looked like a carousel, LUNA price and its market cap rose 100 percent to $0.0002 and $1.4 billion, respectively. However, as of May 24, the price of the token dropped to $0.000156 and the market value of the project decreased to $ 1 billion.
The crypto world continues to keep a close eye on developments in a situation that has resulted in billions of dollars in losses for large corporations and casual crypto enthusiasts alike.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.