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    Around & Around We Go (Circulating Supply)

    Circulating supply is the token supply that are available for trade on CEX or DEX. There are non-tradable tokens such as vesting tokens for early investor, tokens in community funds/treasury etc. For $LUNA, there are max supply of 1B (some says $LUNA has no supply cap or dynamic supply. I can't find info on those yet) but circulating supply is at around 390M according to Messari.

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    Graph below shows the current circulating supply of $LUNA vs $LUNA daily average price. This was queried by excluding some addresses that are either Community Fund, bLUNA custody, staked $LUNA custody, vesting addresses and others. Some identified wallets that were excluded are;

    terra1fl48vsnmsdzcv85q5d2q4z5ajdha8yu3nln0mh - staked $LUNA custody

    terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6 - Terraform Labs address

    terra1mtwph2juhj0rvjz7dy92gvl6xvukaxu8rfv8ts - bLUNA hub - custody for bLUNA

    terra1jgp27m8fykex4e4jtt0l7ze8q528ux2lh4zh0f - oracle

    terra1swggaf7nw9p680q4lngs340ar24g3lecr7x9ed - address with vesting $LUNA

    In conclusion, circulating supply = tradable $LUNA, total supply = tradable + non-tradable (treasury, community fund, custody etc).