The Terra Luna Burn Isn’t Going Away, But Is It Helping?
LUNC is gaining traction in the community, but LUNA 2.0 is being left in the sand.
As a community-led rehabilitation approach following the collapse of Terra/Luna, a Terra Luna burn may have been implemented. A Terra Luna burn would reduce this supply and possibly increase the value of Luna following the meltdown, which saw the circulating supply climb to over 6.5 trillion.
With so many successful Luna burns, token holders are certain, as was the case with Shiba Inu’s big burns in the SHIB community, that their token will grow. As a result of the Terra recovery plan, Luna 2.0 was launched instead of a Luna burn plan, implying that it was not considered a means of salvaging Luna. Despite the Terra Luna vote approving a new chain, the Luna community appears to prefer a burn. #BurnLuna was trending on Twitter during the election session.
Luna Burn’s Address
As the Luna community called for Luna burns on Twitter, CEO Do Kwon published the address of the burn site, which looks to have sparked a movement. It would be “really burning money,” according to Kwon, who was of the opposite opinion.
According to the explorer, only 0.016 percent of the total supply had been burned as of June 2nd, when holders burned 1.05 billion Luna in 3760 transactions. As of now, 1.18 Billion Luna Burned had been consumed. Of course, this has no meaningful effect on the price.
Not yet out of the woods, Korea has agreed to share data about the Terra crash with the United States. South Korean Justice Minister Han Dong-hoon is said to have met with American prosecutors. During the conference, financial crime cooperation was explored.
.@DOJCrimDiv AAG Polite & @JusticeATR AAG Kanter met w/ Minister of Justice Han Dong Hoon & others to thank South Korea for its outstanding cooperation & strengthen 🇺🇸 🇰🇷 collaboration on combating ransomware, criminal use of cryptocurrency & criminal antitrust matters. pic.twitter.com/w0bZfzAChV
— U.S. Department of Justice – International (@USDOJ_Intl) July 1, 2022
The two officials discussed how to improve their information-sharing relationship. Prosecutors in the Southern District of New York and Seoul’s prosecutor’s office have agreed to work together to combat financial crimes and fraud.
Legal problems relating to cryptocurrency were referred to in the agreement. In the article, Korean officials are investigating possible fraud claims against TerraUSD and Luna, according to reports.
Both countries are investigating the $40 billion collapse of the Terra biosphere. The US Securities and Exchange Commission (SEC) is already investigating Do Kwon’s promotion of its stablecoin TerraUST prior to the cryptocurrency’s implosion. It is looking into possible violations of regulations governing the protection of investors. Allegations of alleged money laundering are also said to have taken place.
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The Price of Terra Luna
With 6.5 trillion Luna Classics in circulation, these fires will need to be big in order to have any noticeable influence; otherwise, they will have little effect on the value of the currency.
There is a 24-hour trading volume of $65,436,963 for $LUNA and $151,105,580 for Terra Classic $LUNC, however $LUNA is now trading at $2.14 with a trading volume of $65,436,963.
Terra 2.0 (LUNA) has a market value of $272 million, while Terra Classic (LUNC) has a market capitalization of $705 million. It appears that the community is rallying around the original version of Bitcoin despite the majority of projects switching to the new ecosystem.
The current price of TerraClassicUSD $USTC is $0.049508 with a trading volume of $54,062,455 in the last 24 hours. The price of TerraClassicUSD has dropped by 11.97 percent in the last day after skyrocketing last week from $0.00896 to $0.0987.