New LUNA Coin Terra 2.0 Down 74% After First Day of Listing - The price of LUNA 2.0, the brand new token of the new Terra blockchain, has dropped sharply after listing on exchanges.

    As reported, after the collapse of LUNA-UST in mid-May, the development team behind the Terra blockchain, Terraform Labs, decided to launch a new blockchain instead. The new blockchain is still officially called Terra (but more commonly known as Terra 2.0). LUNA 2.0 is the brand new token of this new Terra blockchain that has a fixed total supply of 1 billion tokens. The team also did not create an algorithmically stablecoin in order to prove that Terra’s ecosystem is “more than just UST”. Meanwhile, the original Terra chain has been rebranded as Terra Classic and its native token will be renamed Luna Classic – LUNC and UST to USTC.

    Terraform Labs has announced its plan to airdrop LUNA 2.0 to LUNA and UST holders. Accordingly, holders are divided into “pre-attack” and “post-attack” (i.e. May 8 when UST lost peg). The distribution ratio can be found in the table below:

    Since the new blockchain and LUNA 2.0 airdrop went live on May 28, many exchanges have supported this coin as well as conducted airdrops to distribute coins to users. Major exchanges that have supported LUNA 2.0 includes Huobi, KuCoin,, ByBit, Kraken, MEXC, OKX, etc.

    The world’s largest crypto exchange, Binance, also announced that it will open trading for LUNA/USDT and LUNA/BUSD trading pairs at 6:00 UTC on May 31. Deposits and withdrawals for LUNA will open 30 minutes earlier. 

    At the time of listing, LUNA recorded an average peak of 20 USD on exchanges, sometimes even skyrocketing to 30 USD on some exchanges where it was listed early such as Bybit or OKX. However, by the morning of May 29, its price had plummeted to around the $5 mark, equivalent to a decrease of 74%-83%.

    (Source: CoinMarketCap)

    According to CoinMarketCap, the current circulating supply of LUNA is about 210 million with a market cap of $1 billion. The trading volume in the last 24 hours reached more than 292 million USD. For comparison, the old Terra blockchain at the beginning of May had a market cap of up to $29 billion.

    Follow our channels for more crypto news:

    Most Popular

    Related Posts