The Terra (LUNA) price jumped more than 40% in the last 24 hours as LUNA holders burnt millions of tokens. However, Terra (LUNA) price jumped more than 41%. Terra (LUNA) cost has risen by more than 41% over the past 24 hours, as LUNA holders burned thousands of their tokens. The issue is, Terraform Labs’ founder Do Kwon asserts sending LUNA to the address of burn isn’t an ideal idea, and the users could be unable to access their tokens.
Do Kwon Does Not Turn Down LUNA Idea to Burn Idea
LUNA price jumped more than 100percent from the moment Do Kwon shared the burn address on May 21. However, in a post on May 23 the Terra director Do Kwon clarified the confusion in the minds of LUNA holders when people tried to transfer money to this address. Do Kwon believes that people shouldn’t make a mistake of sending tokens since they could lose tokens. Do Kwon tweeted the below address:
Do Kwon states the address was made public following repeated inquiries about the address for burning. Also, he said that anyone can continue to transfer LUNA tokens should they would like to, but he’s in no way aware of any benefits from doing so.
“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.”
Following the announcement after the statement, the LUNA price sank by about 15%. The price is currently at $0.0001881. In addition, UST is also up by 30 percent in the past 24 hours, with the current price at $0.07616.
However, the Terra community members continue to deliver LUNA at the same address hoping that a shared support could increase prices to $1.
New Plan of Revival to Split the Terra Chain
Terraform Labs Terraform Labs is moving ahead by forking Terra after a 66% vote for the alternative plan. Most validators believe that they would like to fork the project, and are not interested in the opinion of the community. The rebirth plans call for the creation of a new Terra blockchain along with the the LUNA ($LUNA) token are expected to be created. Additionally, Terra developers have signaled that they support the project and have pledged to continue building on the fork in public channels.