Terra Launches New Chain Airdropping LUNA 2.0 Coins — Token Value Slides Over 70% From Price High

On Saturday, May 28, 2022, LUNA traditional and UST traditional holders acquired an airdrop consisting of recent LUNA 2.0 tokens based mostly on two blockchain snapshots. The crypto asset’s first recorded worth at 5 a.m. (ET), was $14.31 per unit and it hit an all-time excessive (ATH) roughly 20 minutes later at $18.87 per LUNA. LUNA has dropped greater than 70% because it traded for $4.20 per unit at 11:00 a.m. on Saturday.

LUNA 2.0 Launches

The new LUNA token is now buying and selling because the crypto asset was airdropped to LUNA traditional (LUNC) and UST traditional (USTC) holders. Presently, there’s a most provide of 1,000,000,000 LUNA cash however the present quantity of tokens in circulation is unknown.

LUNA is presently seeing probably the most exercise on the buying and selling platform Okx and 24-hour metrics point out LUNA has seen a worth vary between $18.87 and $4.20 per unit. Other exchanges seeing LUNA buying and selling exercise embrace Gate.io, and MEXC Global.

“Luna2” and “Luna 2.0” have been trending on social media in the course of the previous 24 hours as holders have been receiving their airdrops. Plenty of folks have been asking the place they’ll commerce the brand new LUNA token.

Terra’s co-founder Do Kwon tweeted concerning the launch on Saturday and stated: “Phoenix-1 mainnet is now dwell and producing blocks – public node companies, wallets and explorers must be going dwell shortly.” Kwon additionally stated: “To view your LUNA (or LUNA2 as some exchanges name them) token balances, you solely must log into [Terra Station] and refresh the web page.”

Plenty of exchanges have been including help for the brand new LUNA equivalent to Kraken, Bitrue, Kucoin, Bybit, Nexo, Lbank, Bitfinex, and Bitget. Cryptocompare knowledge signifies that tether USDT instructions an ideal majority of LUNA trades adopted by ETH. The crypto asset can be paired with the fiat currencies USD, CAD, EUR, PHP, INR, and IDR.

Terra’s new LUNA coin has been a topical dialog on crypto boards and social media. ”If you favored dropping all of your cash with LUNA 1.0, you’re going to like dropping all of your cash with LUNA 2.0,” one particular person on Twitter said on Saturday mocking the two.0 launch. “LUNA 2.0” is historical Egyptian for “we nonetheless want that McNugget meal at desk #5,” one other individual tweeted.

Plenty of people talked concerning the Terra blockchain founder. “Do Kwon sticking round while he will get tarred and feathered every day is probably the most alpha factor I’ve ever seen,” a person wrote on Saturday. “Literally simply shopping for luna 2.0 out of respect LMAO,” the individual added. Others weren’t so variety to the brand new Terra blockchain challenge. “Buying Luna 2.0 is the equal of calling again your ex understanding she cheated on you. Have some self-respect,” one other individual opined.

What do you consider the brand new LUNA blockchain challenge and the crypto asset shedding 70% hours after the genesis launch? Let us know what you consider this topic within the feedback part under.