LUNA goes up 98% after founder Do Kwon shares burn wallet address

Do Kwon, founder of Terra LUNA USD, shared a burn wallet address with users over the weekend, only to later clarify that sending token to that address would amount to nothing.

What happened on May 21 : In response to a request by a user on Twitter, Kwon shared a burn address in a wallet where token can be removed from circulation forever.

The price of LUNA went up 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 shared earlier in the day, saying that sending token to this address will result in nothing but the loss of token.

The founder of Terra said he could not understand why people would want to burn LUNA token.

Some users on Twitter criticized the move as stupid and deceitful and questioned why Do Kwon shared the address in the first place.

Price Action: LUNA was trading at $0.0001893, up 13% over the last 24 hours.