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

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. Tags in this story 70% drop, blockchain fork, do kwon, Do Kwon tweets, Forums, gate.io, Kraken, KuCoin, LUNA, LUNA blockchain, Luna Classic, Markets, Okx, Snapshot, Social Media, Split, terra (LUNA), Terra co-founder, UST, UST classic

What do you think about the new LUNA blockchain project and the crypto asset shedding 70% hours after the genesis launch? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Report: FTX CEO Says Crypto Exchange Is Ready to Spend Billions on Acquisition Deals NEWS | 1 hour ago Russia Considers Using Cryptocurrencies for International Settlements NEWS | 13 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBiggest Movers: DOGE Climbs Following Spacex News, XTZ Rebounds From Recent Losses Next articleBored Ape and Cryptopunk Values Wobble — During the Last Month, Blue-Chip NFT Floor Values Dropped Over 50% Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike