Almost 89 million LUNA tokens (approximately $4.5 billion) were voted to be burned by the community. The token's price soared from $50 to $54 when Terra co-founder Do Kwon's request was approved, coming near to its all-time high of $54.77. Then it became engulfed in a mini-market crash, with practically the whole Cryptocurrency market turning red. The price had decreased by 14% in just a few hours.