The price of Terra Luna has pumped 21% in the past 24 hours leading into May 25.
The pump in Luna price is not as high as last weekend when traders saw a 105% increase. That time the price of Terra Luna hit $0.0002143 – this time Luna hit $0.0001813 before falling back down slightly to $0.00017.
On May 24 the Luna price touched as low as $0.0001506 as Bitcoin also slid below $30,000.
The Luna price has appeared to stabilize between $0.0001 and $0.0002 since May 13, when it briefly saw an all-time low of $0.00001675.
Any Terra Luna traders who bought at this price would now be seeing a 915% return on their investment.
Luna of course fell from a price of $80 at the beginning of May as during the crypto crash Luna tokens inflated from around 350 million to a current 6.5 trillion. The CEO of Terraform Labs – Do Kwon – announced last week that Luna minting had stopped, which has led to a stabilization in the Luna price.
Do Kwon also reveal the Luna burn address on May 21 and to date nearly 300 million Luna tokens have been destroyed with a value of $51,000? Luna burns are unlikely to affect the Luna price unless coin burning significantly increases into the trillions of tokens, however.
May 27 will be a key date to watch. This is when new Luna tokens are expected to be airdropped across both disaffected Luna and UST investors and would see the current Luna token become Luna Classic (LUNC). There is a wide range of possibilities for where Luna could go, with coin burns, re-pegging UST, and more still on the table.
In the wake of the Terra Luna collapse, two things became clear: BUSD is the most secure stablecoin, and burning Luna is the most popular method of recovery.
EverGrow Coin received a lot of attention in May for combining both these features.
The hyper-deflationary token incorporates a transaction tax where 2% is kept back for strategic buyback and burn – meanwhile the most popular suggestion for Luna burns proposes a 3% tax.
To date, EverGrow Coin has burned more than 52% of its supply without any one particular investor destroying its own coins. If this were to happen to Luna, the supply would drop from 6.5 trillion to around 3 trillion tokens and significantly help the Luna price. EverGrow Coin also puts aside 8% of its transaction tax for BUSD reflections. To date, the project has rewarded over $37 million to investors with a mechanism that both discourages large sells and encourages investors to stay within the ecosystem with secure passive income in the BUSD stablecoin.
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