Let it burn!
Here in this dashboard we will visualize the $LUNA burn chart, and find the week that the most volume of Luna burning happened. What caused this event? Show some effects of this burning had on Terra ecosystem by your opinion.
We will visualize the $LUNA burnt chart and then search in google for any possible reason, then check the price of $LUNA to see if any effect it does on that.
The graph shows:
- The highest LUNA burnt amount was in 8-15 NOV 2021 by 49.95M LUNA burnt amount.
- The second highest LUNA burnt amount was the first week (1-8 NOV 2021) by 42.80M LUNA burnt amount.
Now lets look at any possible reasons for this burn.
When you search in google for (LUNA burn event in NOV 2021) it pop up some results, the first one is an article from coindesk and the reason for this event. the second one is the answer to the third part of this bounty and that is the effect that it does on LUNA price. For now lets review the reason for this event
Now lets take a look at the effect of this event on LUNA price.
This screenshot taken from the article that published on the coindesk. and at the end of this part of the article it said : Initiated by Terra’s co-founder Do Kwon, the measure aims to fund new services in the Terra ecosystem, including Ozone, an insurance protocol that “facilitates levered coverage of technical failure risks” in any decentralized finance (DeFi) protocol built on Terra, according to a community post by Kwon. It also marks one of the largest burns of a major layer 1 token in crypto history, according to Terra’s official Twitter account. AND that was the reason for this event
I visualize the $LUNA price chart from beginning of OCT 2021 to get a better view for this. After the burn happened, the price went down a bit until almost 10 days, then the burnt event effect take its place to the price and take the price from 40$ in NOV 24, 2021 to 98.39$ in DEC 26, 2021.
- The highest burnt amount of $LUNA happened in NOV 2021.
- The event initiated by Terra’s co-founder Do Kwon, the measure aims to fund new services in the Terra ecosystem, including Ozone.
- By this event, the price of $LUNA go up by 145% in 1 month!