In May, the downturn of Terraform Labs set the tone for the industry. The price of the Terra Luna coin plummeted from a high of roughly $117 in April 2022 to less than one-hundredth of a cent, causing waves to ripple throughout the crypto sector. When the two cryptocurrencies tumbled approximately three weeks ago, their losses were devastating to the crypto industry.
The fall of Terra Luna triggered more than $500 billion in losses in the broader cryptocurrency market. Several investors saw their life savings vanish. Others considered suicide. People called for criminal investigations into the firm that created it, as well as government regulation for the entire industry.
Terra Luna ecosystem rebrands after an epic downturn
Do Kwon and his firm Terraform Labs resurrected the Terra network, rebranded with a new blockchain and Terra Luna token, in an attempt to breathe life back into the system. On Saturday, 28 May 2022, Terraform Labs, the firm behind TerraUSD and its sister cryptocurrency Luna, which both plummeted to nearly zero value, began trading a new digital coin as part of their comeback plan referred to as Luna 2.0.
The new Luna coin replaces the old Luna cryptocurrency. It trades under the same ticker symbol, LUNA. Investors who lost money investing in Terraform Labs’ earlier cryptocurrencies may be eligible for free tokens, depending on the company’s decision. The old Luna coin can still be traded, but it is now known as Luna Classic. On cryptocurrency exchanges, it is listed as LUNC.
The debut of the new Terra Luna coin has been rocky, with the cryptocurrency dropping over 75 percent in value during its first hours and regaining some of it in subsequent days. However, amid its ups and downs, the release has generated a great deal of attention from crypto economists, investors, and naysayers.
Despite the market scrutiny, a Terraform Labs spokesperson said that the company made the decision to launch a new Terra Luna with strong community support and that it is anticipating what lies ahead. The Luna cryptocurrency rose in value for a period, creating a community known as “Lunatics.” Lunatics are still heavily invested in the crypto coin.
How many Terra Luna coins are there?
On June 1, 2022, Terra Luna had its largest listing when it went live with a LUNA/BUSD pair at 06:00 UTC Wednesday on Binance. After numerous other crypto exchanges listed the new Terra Luna over the weekend, all eyes were on Binance, which is by trading volume in the market and has become the largest cryptocurrency exchange by trade volume. Luna experienced a brief spike to $18 before gradually falling back down to $8.69.
The Terra Luna coin serves as a protocol token to reduce the volatility of the terraUSD stablecoins on the Terra blockchain. It’s part of a two-token system with terraUSD; to create more terraUSD, the equal value of LUNA must be destroyed.
This supposedly maintained the stable price of terraUSD and gave LUNA its value – until recently. Terra is the blockchain that houses the LUNA coin and associated stablecoins, including TerraUSD.
The live price of Terra Classic at the time of writing is 0.000095 USD, with a 24-hour trading volume of 143,907,624 USD on CoinMarketCap. The crypto entity updates LUNC to USD prices in real-time.
In the last 24 hours, Terra Classic has dropped 6.27%. The current CoinMarketCap ranking is #214, with a live market value of 620,528,741 USD. It has a circulating supply of 6,541,188,483,100 LUNC coins and a maximum supply that is unknown.
How to buy Terra LUNA in the USA
Despite the ups and downs in LUNA’s price history, many market experts think that the coin’s price could dramatically rise in the future, while others believe that Terra is essentially finished and the coin is worthless. With that said, investors should be aware that cryptocurrencies come with a number of risks and rewards. Terra Luna certainly has its dangers.
While not all exchanges currently support Terra Luna, there are numerous platforms where you may acquire the LUNA coin in the United States; Gate.io, Crypto.com, Huobi, Bybit, KuCoin, Binance, Uphold, BitYard, WayzirX, and eToro are some of them. Additionally, some cryptocurrencies are more difficult to acquire than others. Terra is one of them. Here’s how to purchase Terra Luna in the United States.
- Check CoinMarketCap to find out where you can buy Terra and in which currencies
CoinMarketCap offers a list of buying options for each cryptocurrency (also known as market pairs). Search for Terra on CoinMarketCap and select the “Market” button near the price chart. In this view, you’ll find a complete list of where you can buy Terra, as well as the currencies you may utilize to do so.
In the column beneath “Pairs,” you’ll see the shorthand for Terra, Luna, as well as a second currency. The second currency may be used to acquire Terra. Look for LUNA/USD if you’d want to buy LUNA with U.S. dollars.
- Pick a platform to make your transaction
Different platforms provide varying degrees of security, dependability, and liquidity. Do your homework before signing up for an account. To get started with Terra Luna, you’ll need to open a crypto trading account with an exchange or brokerage that supports the currency. To set up an online account, you must provide your chosen exchange personal information such as your address, email, and birthday.
There are many methods for doing things. Some platforms are more difficult to use than others. In general, purchasing crypto using a fiat currency like the U.S. Dollar will be less complicated than buying it with another cryptocurrency.
If you need to buy Terra with another cryptocurrency, first create a crypto wallet that supports Terra, then purchase the initial currency and use it to purchase Terra on the platform of your choice. Most platforms provide instructions if you become stumped.
- Buy Terra Luna
Decide how much money you want to invest in this cryptocurrency, then complete the transaction to acquire LUNA tokens. Your order will be processed in seconds and the coin will be added to your accounts.