Players 'burn coins' themselves hoping for Luna to increase in price

 Many Luna owners invite each other to destroy their own tokens to help the price of Luna

"Burning" is the term for sending tokens to a dead wallet address, in order to get this amount of tokens out of circulation. Once there, the supply decreases, causing the value of each token to increase.

In response to Antoine, Kwon made this wallet address public. It then went viral on the Luna communities and was widely followed. #BurnLuna became a trending keyword on Twitter, with over 18k tweets talking about the topic.

In the discussion about Terra on the Reddit forum, users said they burned more than 85 million tokens on May 22. On Roncin Antoine's post, many people shared screenshots showing that they burned from a few tens to several hundred thousand of these tokens. According to the value of Luna coin on April 22, 100,000 Luna is equivalent to nearly 20 USD, which means that each Luna owner gives away from a few to several tens of their own dollars.

On the morning of May 23, Antoine said there were 247 million Lunas burned in the previous 24 hours, equivalent to 47,000 USD. According to data from the Bitquery system, nearly 2.5 thousand transactions transferred Luna to the aforementioned burning wallet, with more than 276 million tokens, as of the afternoon of May 23.
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