TerraForm Labs last Saturday launched a new version of the Terra blockchain, “Terra 2.0,” featuring a fresh LUNA token. Of the 1 billion LUNA tokens, only 21 million were airdropped and added to the circulating supply on Saturday.
The remaining freshly created LUNA tokens will be circulated in phases. It peaked at $119.18 last month, before the stablecoin’s historic crash wiped out tens of billions of dollars in value.
Exactly 12 hours later, the freshly minted LUNA coin had fallen by about 73% of its initial value. According to data from CoinMarketCap, what previously peaked at $19.54 is now trading at $5.18.
Initially LUNA tokens were only available on bybit Crypto Exchange For Trading, But Ten Minutes After Its Launch Kucoin Also enabled LUNA for trading. While now trading on seven different exchanges namely LUNA, Bybit, Kucoin, kraken, MEXC, OKK, Bitrue, and BingX and none of them have enabled LUNA futures trading.
Many are still skeptical of Terra 2.0, CEO of crypto exchange Binance, who offered feedback on the shedding of Terra 2.0 for Terra’s new blockchain, Changpeng Zhao, Told That “credibility is the ultimate currency.”
Also, crypto YouTuber Ben Armstraong Also told people not to buy crypto again. Some other users have stuck to the original LUNA since the Terra Classic name change (Lunch) and referred to by some as LUNA Classic, is now down 29% to $0.00009031 in just 24 hours.
Terra CEO Do Kwon Is Quiet Today Because He’s Justified retweet Announcements from exchanges.