Terra LUNA/USD founder Do Kwon shared a burn wallet address with users over the weekend, only to later clarify that sending tokens to that address would amount to nothing.
What Happened: In response to a request from a user on Twitter on May 21, Do Kwon shared a burn address – a wallet where tokens can be sent to remove them from circulation forever.
The price of LUNA proceeded to rally 98% from $0.0001093 at the time of his tweet to as high as $0.0002165 late on May 22, according to data from Benzinga Pro.
See Also: IS TERRA (LUNA) DEAD?
On Sunday night, Do Kwon posted another Twitter status referring to the burn wallet he had shared earlier, saying that sending tokens to this address will result in nothing except the loss of tokens.
The Terra founder went on to say that he could not understand why people would want to burn LUNA tokens.
Some users on Twitter dubbed the move “stupid and deceitful” and questioned why Do Kwon had shared the address in the first place.
Price Action: At press time, LUNA was trading at $0.0001893, still up 13% over the last 24 hours.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
