Tuesday, May 21, 2024

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LUNA 2 Tanks 70% While Terra Is Moving Down

Since the re-launch of the Terra ecosystem via Terra 2.0 on May 28, the price of LUNA has dropped by almost 70%.

New LUNA tokens (also known as LUNA 2) are being airdropped to investors who previously held Luna Classic (LUNC), TerraUSD Classic (USTC), and Anchor Protocol UST as part of Terraform Labs creator Do Kwon’s resurrection plan (aUST).

LUNA has plunged around 69 % from its initial price of $18.87 on Saturday to around $5.71 at the time of writing, according to CoinGecko data.

At this point, the significant drop appears to indicate a lack of confidence in Do Kwon’s relaunch moving forward, with several investors expressing on Twitter that they are instead attempting to recoup a tiny percentage of their previously invested funds.

Beginning May 31, Binance will commence a multi-year distribution of LUNA to eligible users, as well as list the token for trade in its Innovation Zone, a designated trading zone for volatile and high-risk assets.

Some members of the community, such as “lurkaroundfind,” who have stated their intention to buy LUNA once the carnage is finished, have forecast further slaughter once the Binance drop goes live.

They mentioned that Binance has “15.7MM liquid LUNA, which will be available to customers on Tuesday,” and that investors who primarily employed the Anchor Protocol will try to cash out because they have little interest in the Terra ecosystem.

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