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278 Million LUNA Burned Since Do Kwon Posted Burning Address

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Tue, 05/24/2022 - 09:12
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Gamza Khanzadaev
People keep sending their tokens to dead address, 25 million LUNA gone in 24 hours
278 Million LUNA Burned Since Do Kwon Posted Burning Address
Cover image via stock.adobe.com

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On May 21, 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 rapidly became one of Do Kwon's most-engaged-with tweets, and the posted wallet very quickly received nearly 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 story was also not without another round of stupidity. Two days after the publication of the burning address, on May 23, Do Kwon explained that sending LUNA to that address makes no sense 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 afterwards.

What's the price?

However, the burning of nearly 300 million tokens had little effect on LUNA's price and market capitalization, given that the project's collapse boosted 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% in 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 continue to monitor developments in a situation that has caused multi-billion-dollar losses for both large companies and ordinary crypto enthusiasts.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.