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 and is now trading at $5.18 according to the data from CoinMarketCap.
Last Saturday, Terraform Labs launched “Terra 2.0,” a new version of the Terra blockchain with newly generated LUNA tokens. Only 21 million LUNA tokens were airdropped and added to the circulating supply on Saturday, out of a total of 1 billion.
In phases, the remaining newly generated LUNA tokens will be distributed. It reached a high of $119.18 last month before a historic stablecoin meltdown wiped away tens of billions of dollars in value.
The newly issued LUNA cryptocurrency has lost over 73 percent of its initial value in just 12 hours. According to CoinMarketCap statistics, which was at a high of $19.54 earlier, it is presently trading at $5.18.
LUNA tokens were initially solely accessible for trade on the Bybit crypto exchange, however, within 10 minutes of its debut, Kucoin added LUNA to its trading platform. LUNA is now traded on seven different exchanges: Bybit, Kucoin, Kraken, MEXC, OKK, Bitrue, and BingX, although none of them provide LUNA futures trading.
👉 Read more: https://t.co/gqJd5ZAbt2
— BYBIT 🦍 (@Bybit_Official) May 28, 2022
Although many people are still suspicious of Terra 2.0, Changpeng Zhao, the CEO of crypto exchange Binance, who has shown support for Terra’s new blockchain, has stated that “credibility is the ultimate money.”
Credibility is the ultimate currency.
— CZ 🔶 Binance (@cz_binance) May 28, 2022
Ben Armstrong, a Crypto YouTuber, also advised people not to buy cryptocurrency again. Other users who have stuck with the original LUNA, which has subsequently been renamed Terra Classic (LUNCH) and is sometimes referred to as LUNA classic, have seen their holdings drop by 29 percent in just 24 hours to $0.00009031.
Crypto Expert Tip: Don’t buy LUNA ever again. Not 2.0, not 3.0, not 3.14.
Sometimes you just have to accept your loss. The experiment failed. Move on.
— Ben Armstrong (@Bitboy_Crypto) May 28, 2022