Almost two weeks have passed since the Terra network crisis took place. The current situation of Terra is unclear and now, even the holders of Terra (LUNA) are coming in to save the day.
Just recently, a new proposal was made by the CEO of Terraform Labs, Do Kwon. However, while making the proposal, Do Kwon did add that he is not supporting the idea but it has the potential to work.
Over 273 Million LUNA on the Move
While Kwon opposed the idea, it is surprising to see that the supporters and holders of LUNA believe otherwise. Kwon had proposed that to improve the trading price of LUNA, the users could burn the digital asset.
However, he stated that he does not support the idea of users burning LUNA. The data analytical firms for cryptocurrencies have shared some astonishing results surrounding the burn address. According to data, more than 273 million LUNA have been sent to the burn address. Once the LUNA are burned, it will help reduce the supply of tokens.
Do Kwon Requested Upon Heavy Demand
Right after Do Kwon made the proposal and shared his thoughts, he was approached by many members of the LUNA community. After Do Kwon’s proposal tweet, one of the LUNA holders shared the idea with other LUNA community members in the Research Forum for Terra.
Once the idea was shared with the entire LUNA community, all the users came in to support the cause. They started sending LUNA to the particular burn address, which has helped LUNA in a great way.
As per sources, the majority of the users within the community confirmed that they had already sent LUNA to the particular burn address.
The total LUNA that the users have sent and burnt is 273.35 million, translating to $52,000. For your information, the total supply LUNA is more than 6.5 trillion. Therefore, the amount of LUNA the users have burnet is unnoticeable compared to the total amount.
LUNA’s Price Picked up the Pace
Following the great input of the contributors, LUNA’s price picked up. At the time of writing, LUNA’s trading price compared to its past 24-hour price is up by 19%. You will see that the LUNA/USDT pair is now trading at $0.00019 per LUNA.
Considering that the price of LUNA went down almost 100% from May 8 onwards, it is a critical upward movement LUNA has witnessed.
It works like a positive sign for the entire LUNA community that there is still hope. This time, the users and other community members of LUNA may be able to boost its price.