Terraform Labs on Last Saturday has Launched a new version of the Terra blockchain, “Terra 2.0” with freshly minted LUNA tokens. Out of 1 billion LUNA tokens, only 21 million were airdropped and added to the circulating supply on Saturday.
The remaining freshly minted LUNA tokens will be airdropped in phase. It peaked last month at $119.18 before a historical crash of stablecoin wiped out tens of billions of dollars in value.
Just 12 hours later, the Freshly minted LUNA token had dropped almost 73% of its initial value. Which was at a peak of $19.54 earlier is now trading at $5.18 according to the data from CoinMarketCap.
Initially LUNA tokens were only available on Bybit crypto exchange for trading, but after ten minutes of its launch Kucoin also enabled LUNA for trading. Whereas now LUNA is trading at seven different exchanges named as, Bybit, Kucoin, kraken, MEXC, OKK, Bitrue, and BingX and none of them have enabled LUNA futures trading.
Many people are still doubtful of Terra 2.0, CEO of crypto exchange Binance, who offered support for Terra’s new blockchain Changpeng Zhao reacting to the shedding of Terra 2.0 , said that “Credibility is the ultimate currency.”
Further, the Crypto YouTuber Ben Armstrong also told people not to buy crypto even again. Some of the other users sticking by original LUNA, since renamed Terra Classic (LUNC) and referred to by some as LUNA classic, is now down by 29% in just 24 hours to $0.00009031.
The Terra CEO Do Kwon is quiet today as he is just retweeting the announcements from exchnages.