LUNA 2.0 Drops More Than 70% Just Hours After Debut

Terraform Labs unveiled “Terra 2.0,” a new version of the Terra blockchain, early Saturday, with newly generated LUNA tokens. After reaching a high of $19.54 early in the day, it’s gone largely downhill since.

Terraform Labs released “Terra 2.0,” a new version of the Terra blockchain, early Saturday, with freshly created LUNA tokens.

LUNA had lost about 73% of its initial value, selling for $5.18 as of this writing, according to Coincu data. It had previously peaked at $19.54.

LUNA tokens became accessible for trade at the bybit cryptocurrency exchange approximately 10 minutes after its introduction, and Kucoin followed suit about an hour later.

The cryptocurrency is now traded on seven different exchanges: Bybit, Kucoin, Kraken, MEXC, OKK, Bitrue, and BingX. LUNA futures trading is not yet available on any of the exchanges.

Terra CEO Do Kwon was mainly silent on Twitter today, other than retweeting exchange announcements.

Binance CEO Changpeng Zhao tweeted shortly after Terra 2.0 debuted:

“Credibility is the ultimate currency,”

Many people appear to be suspicious of Terra 2.0. “Don’t buy LUNA ever again,” crypto YouTuber Ben Armstrong flatly stated.

Other Twitter users indicated they were sticking with the original token, which has since been renamed Terra Classic (LUNC) and is sometimes referred to as LUNA Classic, and is down 29% in the last 24 hours to $0.00009031, according to Coincu data. LUNC reached a high of $119.18 last month before collapsing in a spectacular meltdown that wiped away tens of billions of dollars in value.

Just 21 million of the 1 billion new LUNA tokens were airdropped on Saturday and added to the circulating supply. The remaining tokens will be distributed in stages.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

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