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.
For further details see:
Why Terra's Luna Was on Fire in More Ways Than 1 Today