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. Do Kwon tweeted the below address:

“terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu”

Do Kwon states the address was shared after people kept asking him about the burn address. He also said people can continue to send LUNA tokens if they want to, but he is not aware of any benefit of doing it.

“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.”

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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.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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