Terra Launches Airdropping LUNA 2.0 Coins, Value Slides More Than 70%
On Saturday, May 28, 2022, LUNA classic and UST classic holders received an airdrop consisting of new LUNA 2.0 tokens based on two blockchain images. The crypto asset’s first recorded value at 5 a.m. (ET), was $14.31 per unit and it hit an all-time high (ATH) roughly 20 minutes later at $18.87 per LUNA. LUNA has since dropped more than 70% as it traded for $4.20 per unit at 11:00 a.m. on Saturday.
New Chain Launches LUNA 2.0
The new LUNA token is now trading as the crypto asset was airdropped to LUNA classic (LUNC) and UST classic (USTC) holders. Presently, there is a maximum supply of 1,000,000,000 LUNA coins but the current amount of tokens in circulation is unknown.
LUNA is currently seeing the most activity on the trading platform Okx and 24-hour metrics indicate LUNA has seen a price range between $18.87 and $4.20 per unit. Other exchanges seeing LUNA trading activity include Gate.io, and MEXC Global.
“Luna2” and “Luna 2.0” have been trending on social media during the past 24 hours as holders have been receiving their airdrops. A number of people have been asking where they can trade the new LUNA token.
Terra’s co-founder Do Kwon tweeted about the launch on Saturday and said: “Phoenix-1 mainnet is now live and producing blocks – public node services, wallets and explorers should be going live shortly.” Kwon also said: “To view your LUNA (or LUNA2 as some exchanges call them) token balances, you only need to log into 'Terra Station' and refresh the page.”
Exchanges supporting the new LUNA are Kraken, Bitrue, Kucoin, Bybit, Nexo, Lbank, Bitfinex, and Bitget. Cryptocompare data indicates that tether USDT commands a great majority of LUNA trades followed by ETH. The crypto asset is also paired with the fiat currencies USD, CAD, EUR, PHP, INR, and IDR.
Terra’s new LUNA coin has been a topical conversation on crypto forums and social media. ”If you liked losing all your money with LUNA 1.0, you’re going to love losing all your money with LUNA 2.0,” one individual on Twitter said on Saturday mocking the 2.0 launch.
A number of individuals talked about the Terra blockchain founder. “Do Kwon sticking around whilst he gets tarred and feathered daily is the most alpha thing I’ve ever seen,” an individual wrote on Saturday.
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