After a strong start, LUNA 2.0 drops 80% on its first day of release – Mirror Online





  • LUNA 2.0 plummets 80% just hours after trading began.
  • LUNA 2.0 is in the innovation zone on the world’s largest crypto exchange, Binance.
  • Pricing for LUNA 2.0 is $5.75 at press time.

On May 28, the new LUNA 2.0 channel went live, and an airdrop of the new crypto was sent to millions of wallets at the same time. The chain’s price started trading on ByBit at $0.30, but quickly spiked to $30 within the first 30 minutes of trading after the market opened. But the spike was short-lived, as the price dropped to $5.30 within three hours.

As a direct result of the volatility experienced by the newest virtual asset, Binance has decided to announce its listing in the Innovation Zone. In addition, trading of the LUNA/USDT and LUNA/BUSD trading pairs will be postponed to May 31 at 6:00 UTC. Users have the ability to trade new assets that may have more volatility and offer greater risk than other assets inside Binance’s Innovation Zone, which is a specialized trading area on the exchange of cryptocurrencies.

LUNA 2.0 peaked at $18 on Gate.io, but volatility on KuCoin was much lower, peaking at just $7.4. It would seem that ByBit experienced the most volatility due to the fact that it launched the token ahead of the majority of its other peers.

It’s no surprise that there’s a lot of pressure on sellers on the new channel, as many traders are cashing in after completely losing faith in the Terra ecosystem following the disastrous events that have transpired over the past few years. last weeks. Also, since the new chain does not support the UST stablecoin, the LUNA token is only used for network administration.

At the time of writing, the price of LUNA 2.0 is $5.75, and the trading volume for the last 24 hours is $345,522,366. The first iteration of Terra, which was previously known as LUNA, is now known as LUNC, and a new chain called Phoenix-1 has been created which will use the name Terra (LUNA).

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After a strong start, LUNA 2.0 drops 80% on its first day of release – Mirror Online


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