Cryptocurrency LUNA drops more than 70% just hours after its launch
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Answer Cryptocurrency LUNA drops more than 70% just hours after its launch
As expected, Terraform Labs early Saturday launched a new version of the Terra 2.0 blockchain with newly minted LUNA coins.
After more than 24 hours, LUNA (named LUNA2 on some exchanges) has given up roughly 73% of its initial value, and is trading at the time of writing these lines at $6.37, according to data provided by CoinMarketCap.
It is worth noting that the new LUNA coin had previously peaked at $19.54.
The new LUNA coin became available for trading on the bybit cryptocurrency exchange about 10 minutes after its launch, and about an hour later, Kucoin also announced that it was making LUNA trading available.
Currently, LUNA is traded across seven different platforms, namely:
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Bybit, Kucoin, Kraken, MEXC, OKK, Bitrue and BingX, according to CoinMarketCap.
None of the trading platforms have allowed trading of LUNA futures so far.
Terra CEO Do Kwon has been quiet on Twitter for the past hours except for retweeting announcements from exchanges announcing the inclusion of LUNA.
The CEO of Binance tweeted:
Credibility is the ultimate currency.
And that was shortly after Terra 2.0 came out.
As for the crypto community, it is divided between supporters and opponents of trading and investing in LUNA, with many still skeptical of the project, including the famous crypto youtuber Ben Armstrong who explicitly stated:
Never buy LUNA again.
Other Twitter users said they stick with the original LUNA, which has been renamed Terra Classic (LUNC) and referred to by some as the LUNA Classic, which is down 29% in the past 24 hours to $0.00009031, according to CoinMarketCap.
The price of LUNC peaked last month at $119.18 before the historic crash that wiped out tens of billions of dollars.
Of the 1 billion new LUNA coins, only 21 million were distributed as free airdrops on Saturday and added to the circulating supply, according to CoinMarketCap.
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The rest of the digital currencies will be distributed in stages.
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