Terra Launches New Chain Airdropping LUNA 2.0 Coins — Token Value Slides Over 70% From Price High

On Saturday, May 28, 2022, LUNA classic and UST classic holders received an airdrop consisting of new LUNA 2.0 tokens based on two blockchain snapshots. The crypto asset’s first recorded value at 5 a.m. (ET), was $14.31 per unit and it hit an all-time high (ATH) roughly 20 minutes later at $18.87 per LUNA. LUNA has dropped more than 70% as it traded for $4.20 per unit at 11:00 a.m. on Saturday.

LUNA 2.0 Launches

The new LUNA token is now trading as the crypto asset was airdropped to LUNA classic (LUNC) and UST classic (USTC) holders. Presently, there’s a maximum supply of 1,000,000,000 LUNA coins but the current amount of tokens in circulation is unknown.

LUNA is currently seeing the most activity on the trading platform Okx and 24-hour metrics indicate LUNA has seen a price range between $18.87 and $4.20 per unit. Other exchanges seeing LUNA trading activity include Gate.io, and MEXC Global.

“Luna2” and “Luna 2.0” have been trending on social media during the past 24 hours as holders have been receiving their airdrops. A number of people have been asking where they can trade the new LUNA token.

Terra’s co-founder Do Kwon tweeted about the launch on Saturday and said: “Phoenix-1 mainnet is now live and producing blocks – public node services, wallets and explorers should be going live shortly.” Kwon also said: “To view your LUNA (or LUNA2 as some exchanges call them) token balances, you only need to log into [Terra Station] and refresh the page.”

A number of exchanges have been adding support for the new LUNA such as Kraken, Bitrue, Kucoin, Bybit, Nexo, Lbank, Bitfinex, and Bitget. Cryptocompare data indicates that tether USDT commands a great majority of LUNA trades followed by ETH. The crypto asset is also paired with the fiat currencies USD, CAD, EUR, PHP, INR, and IDR.

Terra’s new LUNA coin has been a topical conversation on crypto forums and social media. ”If you liked losing all your money with LUNA 1.0, you’re going to love losing all your money with LUNA 2.0,” one individual on Twitter said on Saturday mocking the 2.0 launch. “LUNA 2.0” is ancient Egyptian for “we still need that McNugget meal at table #5,” another person tweeted.

A number of individuals talked about the Terra blockchain founder. “Do Kwon sticking around whilst he gets tarred and feathered daily is the most alpha thing I’ve ever seen,” an individual wrote on Saturday. “Literally just buying luna 2.0 out of respect LMAO,” the person added. Others were not so kind to the new Terra blockchain project. “Buying Luna 2.0 is the equivalent of calling back your ex knowing she cheated on you. Have some self-respect,” another person opined.