Some Holders Are Burning Their LUNA For The Common Good

LUNA burning

In solidarity to the Terra community, some LUNA holders have started burning their coins in an unprecedented move to save the cryptocurrency. According to information available on Twitter, some holders of the Terra digital currency asked for the burn address and have taken the initiative to burn their LUNA coins. This has caused a rise in the value of LUNA.

At the time of filing this report, the cryptocurrency has a market value of $0.0001919 and a market capitalization of $1.2 billion.

A LUNA Burning Game

A game maker, Roncin Antoine, initiated the community drive to burn LUNA. In a May 21 post, Antoine demanded for the LUNA burn address from Do Kwon, the Terraform CEO. Since then, Antoine has been promoting LUNA burning through his game.

LUNA burn

According to Antoine, who also has a SHIB burning game, the community should contribute to the revival of the coin by burning some of their LUNA. He says that if left on their own, the Terra ecosystem will not recover.

“Guys lets burn LUNA ourselves otherwise it will never come back”

For The Sake of Recovery

Some market watchers are wondering at the sudden surge in the value of LUNA. LUNA is up by 60% on Monday morning, May 23, HKT. According to Coinmarketcap, the coin has a 286% boost in volume movement.

The cryptocurrency lost 100% of its value over the course of two weeks, but has started showing signs that things may turn around.

Reacting to the initiative, a LUNA investor, Tufazzel Tuhin wrote:

“If you are wondering why this sudden rise of LUNA, then here you go. Community got the LUNA burning address and is doing it for everybody’s sake . This is community POWER . Together we’re bringing it on guys!”

A Long Way From A Penny

On Sunday, May 22, LUNA gained 70%, making some in the community hopeful that it is a sign of better things to come. It is still a long way to the one penny mark. According to a crypto market analyst KALEO, even with a 70% pump, LUNA is still 4,500% shy of a penny. At its current circulation, that would give the coin a market cap of $6.9 billion.

 

Author: Jinka Kamma

Jinka Kamma is passionate about the prospects of blockchain and the freedom cryptocurrencies afford people across borders. He holds small amounts of bitcoin and tether.

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