TerraForm Labs launched a new version of the Terra blockchain, “Terra 2.0,” early Saturday, featuring a fresh LUNA token.
According to data compiled by CoinMarketCap, approximately 12 hours later, LUNA (labelled LUNA2 on some exchanges) dropped about 73% of its initial value, trading for $5.18 as of this writing. It had earlier reached $19.54.
LUNA token becomes available for trading bybit About 10 minutes after the cryptocurrency exchange launch, and about an hour later, Kucoin also announced This was enabling LUNA trading.
Currently, LUNA is traded on seven different exchanges—Bybit, Kucoin, Kraken, MEXC, OKK, Bittrue and BingX—according to CoinMarketCap, No exchange has enabled Luna futures trading.
Terra CEO Do Kwon was mostly silent on Twitter today except for retweeting the exchange’s announcements.
“Credibility is the final currency,” tweeted Binance CEO Changpeng Zhao shortly after the launch of Terra 2.0. (However, those offering support for Terra’s new blockchain included Binance.)
Many people still remain skeptical about Terra 2.0. Crypto YouTuber Ben Armstrong Flat Out Said: “Never Buy Luna Again.”
Other Twitter users said they stuck to the original LUNA since it was renamed Terra Classic (LUNC) and referred to by some as LUNA Classic, which fell 29% over the past 24 hours to $0.00009031 Is. CoinMarketCap, The LUNC peaked at $119.18 last month before a historic crash that wiped out tens of billions of dollars in value.
Of the 1 billion new LUNA tokens, only 21 million were airdropped on Saturday and added to the circulating supply. CoinMarketCap, The remaining tokens will be circulated in phases.
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