22.10.2021 17:31:27

Why Terra's Luna Was on Fire in More Ways Than 1 Today

Cryptocurrency network Terra has tokens called Luna (CRYPTO: LUNA), and these were on fire on Friday. According to CoinMarketCap.com, Luna tokens were up 8% over the previous 24 hours at 10:45 a.m. EDT. And the reason the price of Luna tokens was on fire is that 10% are about to be set on fire. Cryptocurrencies have a finite supply of tokens, dictated by the blockchain protocols. However, networks can choose to remove tokens from the supply, a process called "burning." And back in March, a Terra developer proposed burning some of Luna's supply. It's a proposal that eventually passed and is expected to be enacted next week.Image source: Getty Images.Continue reading
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