Du Kwon predicted that Luna 2.0 would be larger than the original project, which made a large number of investors poor.
According to data provided by CoinMarketCap, the price of the new Luna token has fallen by more than 70% since its launch.
The cryptocurrency is currently trading at $6.46 on the Kraken exchange.
As reported by U.Today, the new version was launched by Terraform Labs on May 28 with much fanfare.
Co-founder Do Kwon has yet to comment on the fallout that has already prompted some critics to brand Luna 2.0 as a failure. The controversial entrepreneur has been busy retweeting listing announcements from various exchanges.
Despite the controversial nature of the project, Luna 2.0 managed to garner support from most of the top exchanges.
As reported by U.Today, cryptocurrency skeptic Ben McKenzie predicted that the new iteration of Terra will only cause more suffering.
The maximum circulating supply of new LUNA tokens is one billion. A portion of the token was circulated on 28 May.
Kwon’s ego is back too
Terra’s explosion, which has left countless investors in the dust, hasn’t decimated Kwon.
Already know that Luna 2.0 will be bigger than Luna Classic, which once cost more than $40 million.
When challenged for a $10 million stake by Eric Wall, the lead investor at Arcane Assets, Kwon responded sarcastically that the former would not be allowed to bet on half of his fund’s money.
Kwon, who called his critics “poor” and predicted TeraUSD rival Dai would “die at their hands,” hasn’t given up on his abrasive behavior.
After being accused of “fooling everyone” with the Luna revival, the entrepreneur just Answered “Okay.”