- LUNA 2.0 drops 80% within hours of listing.
- The token is in the innovation phase on Binance, the world’s leading crypto exchange.
- While publishing this content, LUNA 2.0 traded at $5.75.
The LUNA 2.0 went live on 28 May, and multiple wallets received the token’s airdrop. The chain started with an initial price of $0.30 on ByBit before exploring towards $30 within 30 minutes after the market went online. However, the new asset could not retain the gains as it crashed to $5.30 in three hours.
Meanwhile, Binance announced listing the token within the innovation territory due to the volatility that new virtual tokens exhibit. Moreover, it will postpone LUNA/BUSD and LUNA/USDT trading until 31 Mau. Users can trade listed assets with more volatility and risks within the Binance’s Innovation Zone, a specialized trading region on the crypto exchange.
Gate.io had LUNA 2.0 hitting an $18 high, but KuCoin’s lower volatility saw it at the $7.4 high. It appears ByBit boasted more volatility and the reason it released the coin before most of its peers.
It isn’t a surprise that sellers see pressure with the new chain. Most traders lost trust in the Terra blockchain following the catastrophic events that emerged within the past couple of weeks.
Moreover, the new chain doesn’t support the TerraUSD stablecoin, meaning the LUNA coin usage is within the network’s administration. While publishing this content, LUNA 2.0 traded at $5.75, while the 24-hour trading volume hovered at $345,522,366.
Other exchanges that listed LUNA 2.0 are Kraken, Nexo, Bitrue, Bitged, Lbank, and Bitfinex. Besides crypto exchanges, other cryptocurrency ecosystems revealed dedications to help Terra project resurrection. For example, Binance, via the BNB Chain, declared offering support and investment to projects drifting from the Terra blockchain.
The move to introduce LUNA 2.0 came on 25 May, following a community vote. The new tokens were part of Do Kwon’s revival plan since market players lost money due to the Terra fiasco. However, market participants concentrated on Kwon during the crash. Some have accused him of fraud.
What are your thoughts about Terra’s revival plan? Will it succeed? You can comment below.
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