According to the 24 hours price chat, LUNA has gained more than 40% rise in price as its community burnt their tokens in millions. However, Do Kwon, the founder of Terraform Labs, had advised LUNA holders against such action as he said that it might cost them their tokens.
Do Kwon Advise Holders Against Burning Their Tokens
On May 22, Do Kwon tweeted a burn address on his Twitter page following multiple requests from LUNA’s community. And despite that LUNA has gained above 100% of its value after holders continuously burn their tokens via the burn address he drops, he was still against the action.
He tweeted that users that are rushing to burn their token would gain nothing from doing so, rather they would lose their token. He added that he only posted the burn address for informational purposes alone, after many people requested it. However, he continued that users may go on to burn their tokens if there is any benefit in it which he does not think so.
Moments after his tweet, the price of the token saw a correction of almost 15% as it trades at $0.0001881. Additionally, its sister token, UST, currently trades at $0.07616 after a 30% rise in price. With the sole aim of pushing LUNA above the $1 price, the Terra holders continue to burn their token via the burn address.
Developers and Founder Set To Create A New Terra Network
News from local sources reported that about 66% of the Terra communities voted for the forking of Terra. Hence, the Terraform Labs are currently working around the clock to create the proposed rival plan.
Many speculators are of the opinion that the majority of the Validators are only interested in the fork and not the opinion of the community. The community’s developers are set to create another Terra network and token ($LUNA) on a public channel as they receive the support of all members.
Since most of the LUNA community support the proposed Terra, the governance proposal will most likely pass. However, about 13% of the community vetoed it. Therefore, how the veto would be approached is not certain yet.
According to the technical team, the hard fork is by far the biggest project to be worked on by the network. The project involves building another Terra ecosystem that will not use UST or Terraform Labs. There would also be airdrops of the new $LUNA token shared between holders before and after the crash.
It is yet unknown if the developer and the founders would be able to execute the created rival proposal or not. Latest news from Kwon only indicated that the network is still accumulating data concerning the airdrop.