KEY POINTS

  • Luna Classic is now in the hands of community holders
  • The community has been doing a lot of things to help Luna Classic
  • Luna Classic was trading down 3.95% at $0.0002993

Holders of the Luna Classic token have beefed up their efforts to help pull up the price of the crypto asset, burning almost 150 million tokens, after it saw a downtrend over the past few days.

Luna Classic saw a sharp plummet last week after news broke that a South Korean prosecutor issued an arrest warrant for Terraform Labs CEO and co-founder Do Kwon and five other individuals. The price dropped by 50% even though Kwon has seemingly abandoned the old crypto asset, leaving it in the hands of community holders.

The Luna Classic Burn Proposal #3568, which aimed for a 1.2% percent burn tax to reduce the overall supply from 7 Trillion to 10 billion units, passed last week. The community amped its efforts and sent 26,586,512 tokens or approximately $8,347 to dead wallets Saturday, only a few days after it passed.

Screen Shot 2021-12-09 at 6
The past weekend saw Terra's LUNA go up in price while majority of digital coins went down. Unsplash (CC0)

The community burned 27,337,229 or around $7,914 the following day. The burn rate appeared like the community was only capable of burning around $10,000 worth of Luna Classic, but a single burn transaction that took place Monday changed this.

Data from Luna Burn Tracker revealed that a solo transaction tripled the burn rate when it sent 96,000,000 Luna Classic or approximately $26,244 to a dead wallet. The community believes burning tokens would help spike the price of the token — an idea Kwon frowned upon since it was proposed by some holders.

"To clarify, as I've noted multiple times i dont think sending tokens to this address to burn tokens is a good idea - nothing happens except that you lose your tokens," Kwon said in a tweet in May, noting that he just wanted to prevent confusion.

"People kept asking for the burn address - happy to provide for information purposes but want to clarify that you should not burn tokens unless you know what you are doing - i for one cannot understand," Kwon noted in a follow-up tweet.

As of 9:56 p.m. ET Monday, Luna Classic was trading down 3.95% at $0.0002993 with a 24-hour volume of $841,747,479, based on the latest data from CoinmarketCap.

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