On May 21st, Do Kwon, the CEO and founder of the now infamous Terra posted in a Twitter conversation a dead wallet address, where people can send their LUNA tokens for burning. The tweet quickly became one of Do Kwon’s most engaged-with tweets, and the posted wallet very rapidly received almost 280 million LUNA tokens.
The total amount of LUNA sent to the burning address is up to 289 million, with the total number of transactions at 2,719, which means the average number of tokens sent to burn in a single transaction is about 107,000 LUNA.
This narration was also not without another round of foolishness. Two days later, after the publication of the burning address, on May 23rd, Do Kwon said that sending LUNA to that address is not sensible other than losing tokens.
It is worth noting that 254 million LUNA were sent to the wallet from the time the address was first published until the tweet about the pointlessness of the idea, and only 25 million afterward.
What’s the price?
Although, the burning of almost 300 million tokens had little effect on LUNA’s price and market capitalization, given that the project’s breakdown spiked the number of tokens to 6.9 trillion.
In recent days, the graph of both metrics looks like a merry-go-round, with LUNA’s price and capitalization up nearly 100% at the moment, reaching values of $0.0002 and $1.4 billion, respectively. But as of May 24, the price per token is $0.000165 and the project’s market capitalization is dangling at $1 billion.
We proceed to supervise growth in a situation that has caused multi-billion-dollar losses for both large companies and ordinary crypto enthusiasts.