Approach

How did I calculate burned LUNA? The amount of LUNA that was burned was calculated using the terra.swaps table. by using date_trunc function I divided the time range by weeks and then I determined the amount of LUNA that is burned by this where clause: offer_currency = 'LUNA' and ask_currency = 'UST'.
I sum the amount of LUNA that was used to mint new UST for each week.

📍 date <= 4/24/2022

by looking at the above table, we find out the max burning is happened in the second week of November(2021). [8 November, 15 November)

the amount is:

when demand for UST increases, the amount of LUNA that has to be burned increases as well.
around that week, Bitcoin and major cryptocurrencies dropped from new-all times highs but LUNA started a breakout to the upside.
Because of the uncertainty, many users switch back to stablecoins and this increases demand for UST. As said, when demand for UST increases, more UST has to be minted resulting in more LUNA being burned. The burning of LUNA results in a reducting of the supply of LUNA which in turn should drive up the price if demand for LUNA is constant.

let's see next charts to prove the claim:

• as you see, as demand for UST increased, the burning amount of Luna had been increased as well and the supply of that had been decreased.

• we can see the sudden increase during november.

in the last chart, you can see price changes of UST and LUNA during NOVEMBER 2021.