Terra’s LUNA reboot crashing after a day of its release seems to send its creator, Do Kwon in silence.
Terra CEO Do Kwon eagerly announced the reboot of Terra, the “Terra 2.0,” after its cryptocurrency and stablecoin collapsed. Indeed, early Saturday morning, Terraform Labs released Terra 2.0 with brand-new LUNA tokens.
However, after about 12 hours, LUNA (also called LUNA2 on some exchanges) had lost almost 73 percent of its initial value and was trading for $5.94.
It was at its best at $19.54.
Sending Do Kwon in silence
Except for retweeting statements from exchanges, Do Kwon was silent on Twitter recently.
Credibility is the ultimate currency.
— CZ 🔶 BNB (@cz_binance) May 28, 2022
Anyone can recall that Binance was one of the first to embrace Terra’s new blockchain.
Many individuals remain doubtful about Terra 2.0.
Crypto YouTuber Ben Armstrong stated categorically, “Do not purchase LUNA ever again.”
Some Twitter accounts indicated they were staying with the original LUNA. Which now has a different name called Terra Classic (LUNC) and as others call it, LUNA Classic.
CoinMarketCap’s LUNA Classic is up 87.26 percent in the last 24 hours to $0.000169.
LUNA tokens to be airdropped by stages
LUNC reached an all-time high of $119.18 last month prior to a dramatic decline that wiped the value by approximately tens of billions of dollars.
CoinMarketCap said just 21 million new LUNA tokens were airdropped and contributed to the crypto market on Saturday. This is out of a total supply of 1 billion new LUNA tokens.
The remainder of the tokens will be under distribution through airdrop in stages.
Ten minutes after its debut, LUNA tokens became tradable on the Bybit cryptocurrency exchange, and an hour later, Kucoin also stated it was supporting LUNA trading.
According to CoinMarketCap, LUNA is available on seven major exchanges: Kucoin, BingX, Bybit, MEXC, Kraken, Bitrue and OKK.
Neither of the currencies has allowed trading in LUNA futures.