Terra Launches New Airdropping LUNA 2.0 Series Coins – Token Value Drops by More than

On Saturday, May 28, 2022, holders of LUNA classic and UST classic received a token consisting of new LUNA 2.0 tokens based on the blockchain. The first recorded value of the crypto asset at 5 AM ET was 14.31 

USD per unit and reached an all-time high (ATH) about 20 minutes later at USD 18.87 per colour. LUNA fell more than 70% as it traded for $4.20 per unit at 11:00 a.m.  Saturday.

LUNA 2.0 Launched The new LUNA token is now in circulation as the crypto asset has been airdropped to holders of LUNA classic (LUNC) and UST classic (USTC). At present, there is a maximum supply of 1,000,000,000 LUNA tokens but the current amount of tokens in circulation is unknown. LUNA is currently seeing the most activity on the Okx trading platform and 24-hour metrics indicate that LUNA has seen a price range between $18.87 and $4.20 per unit.

Other exchanges experiencing LUNA trading activity include Gate.io and MEXC Global. “Luna 2” and “Luna 2.0” have been trending on social media over the past 24 hours, with a number of people asking where they can trade the new LUNA token.

Terra co-founder Do Kwon tweeted about the launch on Saturday, saying, “The Phoenix 1 mainnet is now live and producing blocks – public node services, wallets, and explorers should be up and running soon.” “To view your LUNA (or LUNA2 as some exchanges call it) token balances, simply log in and refresh the page,” Kwon also said.

A number of exchanges have added support for the new LUNA such as Kraken, Bitrue, Kucoin, Bybit, Nexo, Lbank, Bitfinex, and Bitget. Cryptocompare data indicates that Tether USDT dominates the vast majority of LUNA trades followed by ETH. Cryptoassets are also paired with fiat currencies USD, CAD, EUR, PHP, INR and IDR.

Terra's new LUNA coin has been a topical conversation on crypto forums and social media. “If you liked losing all your money with LUNA 1.0, you'll love losing all your money with LUNA 2.0,” one individual said on Twitter on Saturday, mocking the 2.0 launch. “LUNA 2.0” is ancient Egyptian for “We still need a McNugget meal at table #5,” another person tweeted.

A number of individuals spoke about the Terra blockchain founder on Saturday. “Kwon sticking around while being mutilated on a daily basis is the most alpha thing I've ever seen,” the person added.

“Literally just bought Luna 2.0 out of respect for LMAO.”

Others have not been so kind to the new Terra blockchain project. "Buying Luna 2.0 is the equivalent of calling your ex knowing she cheated on you. Have some self respect," another person said.