LUNA Jumps as 273M Tokens Burned Despite Do Kwon Opposing the Idea

Source: AdobeStock / adrianad

Terra (LUNA) holders have sent over LUNA 273m to the burn address provided by the Terraform Labs founder and CEO Do Kwon in a bid to reduce the token supply – an idea that Do Kwon is not in support of.

Upon request from some community members, the CEO shared a burn address over the weekend. Subsequently, a token holder shared the address on Terra’s Research Forum, a space where developers and users discuss Terra protocols, asking the community to burn a portion of their tokens.

“Let’s go vultures, show that you really care about Luna and take the initiative and burn some of your coins, aren’t you guys true supporters,” the user said.

Many in the community showed support for the plan, with some claiming that they have already sent some tokens to the address. “Great. Burned a few K just for the culture,” one user said.

As of Monday morning (7:15 UTC), the burn address has received 273.35m tokens (USD 52,000), according to Bitquery.io. Considering that LUNA’s current supply is over 6.5trn, the burned amount is trivial. Still, it seems to have positively impacted the coin’s price.