LUNA seems to be regaining after last month crash from $80 to almost zero. On Sunday, LUNA rallied upward from $0.0001 to as high as $0.0002. This was a 100% gain in a single day and a lot of LUNA holders are still optimistic and hopes high for multiple upward rallies in coming days. The LUNA market cap jumped from $1 billion to above $1.2 billion. It is speculated that If the upside trend for the digital asset continues, it may touch soon $0.0005. However, many investors have called it a bear trap.
At the time of writing LUNA is trading at $0.00018 with market cap of $1,176.41M and circulating supply of 6,535.64B.
Why Are people burning LUNA?
In a bid to increase the price of Luna, a lot of holders have started burning LUNA by sending their tokens to a black hole address. Over 281 million LUNA have been permanently burned so far worth about $52,000. However, it has hardly impacted Luna circulating supply. (blockworks.co)
Do Kwon has warned the LUNA holders for this act and is against the idea of burning. In a twitter response he advised:
“To clarify, as I’ve noted multiple times, I don’t think sending tokens to this address to burn tokens is a good idea — nothing happens except that you lose your tokens,”
It has also been learnt that several investors have sued Terraform Labs CEO and his co-founder Daniel Shin for recent Luna crash. In this regard, South Korean police has taken steps to freeze Luna Foundation Guard assets. (watcher.guru)