First Mover Asia: Bitcoin Holds Steady at $30K as ETF Applicants Resubmit Applications

South Korea's Crypto Industry Emerges from Terra Luna's Shadow as Justice is Pursued for Do Kwon

Do Kwon of Terra claims he is not 'on the run'

The new Luna is now being airdropped to existing owners of the old Luna currency (known as "Luna Classic") and TerraUSD (known as "Terra Classic"). The coin peaked around $18.87, according to Coingecko data, before plummeting to less than $5 within the same reporting period. Despite its terrible performance, its social media reputation remains high.

According to LunarCrush, there have been over 110,000 mentions of Terra 2.0 and over 8,600 mentions of Luna 2.0 each hour over the past 24 hours.

Despite the controversy surrounding it, a number of cryptocurrency exchanges, including ByBit, KuCoin, Bitrue, Huobi, and Binance, have already voiced their support for the new asset. Binance has also announced that it will enable trading of the native token in its innovation zone before the end of the month.

Will faith in Luna 2.0 continue to be strong?

The price performance of the new coin has elicited diverse opinions on Twitter, with many attributing the fall to "poor confidence" in the system.

According to @TajoCrypto, people are dumping their holdings to regain some of the losses they incurred after the previous ecosystem crisis.

Some also ridiculed the investors who said a third version of the blockchain was imminent.

Billy Markus, co-founder of Dogecoin, had earlier stated that individuals who opted to invest in Luna 2.0 would "show the world how genuinely stupid crypto gamblers are."

An earlier study attributed the collapse of Terra's ecology to numerous groups, citing DeFi lender Celsius Network among them.