HomeBitcoinTerra (LUNA) Gains 100%, Founder Advises Against Burning Tokens.

Terra (LUNA) Gains 100%, Founder Advises Against Burning Tokens.

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Terra (Luna) has since recovered more than 100 percent, thanks to the fact that its founder, Do Kwon, provided an address for burning tokens on May 21.

Do Kwon himself is opposed to the notion of token burning. By creating this address, he was just responding to community demands to burn the tokens in order to provide Luna more stability and at least cancel out some of the losses.

The founder sees no sense in burning tokens and strongly warns against it. According to him, the only answer is a hard fork, which would result in a new Terra blockchain with new tokens. He is after:

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“.

Some people appeared to believe that with the publication of the address on May 21, work on future-proofing the present Terra blockchain would begin.

The price has already rectified after the subsequent correction, and it is currently $0.0000902.

Technical pricing benchmarks for Terra (LUNA)

The Luna hit a new high of $0.0001051, prompting a drop below the 23.6 percent fibo retracement level of $0.0000933.

If the $0.0000551 low is not broken above the 23.6 percent Fibo retracement, losses will escalate.

Supports may be found along the way at the 38.2% Fibo retracement of $0.0000860, the 50% Fibo retracement of $0.0000801, the 61.8 percent Fibo retracement of $0.0000742, and the 78.6% Fibo retracement of $0.0000658.

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