Terra (LUNA) Price Soars 40%, Do Kwon Has This To Say

The Terra (LUNA) price jumped more than 40% in the last 24 hours as LUNA holders burnt millions of tokens. However, Terraform Labs’ founder Do Kwon asserts sending LUNA to the burn address is not a good idea and users will actually lose their tokens.

Do Kwon Turns Down LUNA Burn Idea

LUNA price surged more than 100% since Do Kwon shared the burn address on May 21. However, in a recent tweet on May 23, Terra’s founder Do Kwon clarified the confusion among LUNA holders as people rushed to send tokens to the address. He believes people should not send tokens to the address as it will make them lose tokens. tweeted

After the statement, the LUNA price 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.

On the other hand, Terra community continues to send LUNA to the address, believing that a joint support will push prices above $1.

Revival Plan to Fork the Terra Chain

The Terraform Labs is moving ahead with forking Terra after 66% voter in favor of the rival plan. Many believes most validators just want the fork, they are uninterested in community opinion. Under the rebirth plan, a new Terra blockchain and LUNA ($LUNA) token will happen. Also, Terra developers have signaled support and commit to build on the fork on public channels.