Terra Launches New Chain and Airdrops LUNA 2.0 Coins — Token Value Drops More Than 70% From High

LUNA classic and UST classic holders got an airdrop of fresh LUNA 2.0 tokens based on two blockchain snapshots on Saturday, May 28, 2022. The crypto asset's initial recorded value was $14.31 per unit at 5 a.m. (ET), and it reached an all-time high (ATH) of $18.87 per LUNA 20 minutes later. At 11:00 a.m. on Saturday, LUNA was trading for $4.20 per unit, down more than 70%.

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LUNA 2.0 is now available

The crypto asset was airdropped to LUNA classic (LUNC) and UST classic (USTC) holders and is currently trading. The maximum quantity of LUNA coins is 1,000,000,000, although the current number of tokens in circulation is unknown.

On the trading platform Okx, LUNA is now witnessing the highest action, with 24-hour data indicating a price range of $18.87 to $4.20 per unit. Gate.io and MEXC Global are two more exchanges where LUNA is traded.

As holders received their airdrops, the terms "Luna2" and "Luna 2.0" have been trending on social media over the past 24 hours. A lot of users have inquired about trading the new LUNA cryptocurrency.

"Phoenix-1 mainnet is now online and creating blocks — public node services, wallets, and explorers should be going live shortly," Terra co-founder Do Kwon tweeted on Saturday. "To examine your LUNA (or LUNA2 as some exchanges refer to them) token balances, simply log into [Terra Station] and reload the website," Kwon said.

Kraken, Bitrue, Kucoin, Bybit, Nexo, Lbank, Bitfinex, and Bitget are among the exchanges that have added support for the new LUNA. According to Cryptocompare statistics, tether USDT commands the bulk of LUNA trades, followed by ETH. The fiat currencies USD, CAD, EUR, PHP, INR, and IDR are also supported by the crypto asset.

On crypto forums and social media, Terra's new LUNA coin has been a hot subject. "If you loved losing all your money with LUNA 1.0, you'll love losing all your money with LUNA 2.0," one Twitter user mocked the 2.0 launch on Saturday. Another user wrote, "LUNA 2.0" is ancient Egyptian meaning "we still need that McNugget dinner at table #5".

The Terra blockchain creator was discussed by a lot of people. On Saturday, someone said, "Do Kwon hanging around as he is tarred and feathered daily is the most alpha thing I've ever witnessed." "I was literally just purchasing luna 2.0 out of respect LMAO," the individual continued. Others, on the other hand, were not so complimentary of the new Terra blockchain initiative. "Purchasing Luna 2.0 is like to phoning your ex after discovering she had cheated on you. Another individual advised, "Have some self-respect."

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