LUNA 2.0 suffers 80% decline after listing

LUNA 2.0

TL;DR Breakdown

  • LUNA 2.0 witnesses an 80% decline
  • The token went as high as $19.5 before the crash
  • Terra continues airdrop in phases

LUNA 2.0 has gotten off to a bearish start in the crypto market after the freshly minted tokens saw a massive decline of around 80% after the launch. Terraform Labs announced yesterday that the new blockchain that houses the LUNA 2.0 tokens was already working. The token, after mining, soared as high as $19.5 before seeing a bearish turnaround to sell at $5.18. According to CoinMarketCap, the token is presently trading slightly above the figure at $5.71.

LUNA 2.0 trades at $19.5 before the decline

After Terraform Labs announced the launch of the new tokens, Bybit announced that its users could leverage the platform to trade the new tokens. At the announcement, users were only allowed to trade the token against stablecoin, USDT. Shortly after the Bybit announcement, Kraken broke the news that traders could also leverage the platform to trade the new LUNA 2.0 tokens.

However, trading has not yet commenced as the exchange still needs to meet the minimum liquify required. Since Terra’s announcement, about five other exchanges, including Bitrue and KuCoin, have listed the token, bringing the entire total to seven. The coming days will see more exchanges list the token as users continue to clamor for ways to exchange their old tokens for the new ones.

Terra continues airdrop in phases

The founder of the platform, Do Kwon, has not given much of a statement across his social media in the last few hours. Asides from the retweets of several key announcements, he has been off his social media. This is understandable as most traders who lost funds due to the previous mishap are still very loud across all socials. While some have been calling for an investigation into the firm, others have called for his outright arrest and prosecution. A famous YouTuber who talks majorly about crypto has called for users to boycott the new LUNA 2.0 tokens.

Others have continued holding the old token, renamed to entertain the Classic moniker. The old token shows no signs of coming back with a massive 29% loss in the last 24 hours. The old token went as high as $119 in the market before the unfortunate incident. Binance has also reiterated its support for the new blockchain, with Changpeng Zhao making a tweet referencing the credibility of the new project. Terra has minted about a billion LUNA 2.0 tokens, with only a million in circulation.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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