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Monday, March 20, 2023

Terra Price Drops By 70% Since Re-Launch

Ever since the re-launch of the ecosystem via Terra 2.0 on May 28, the price of LUNA has dropped by almost 70%. Last week, developers of failed stablecoin TerraUSD chose to dump the token in favor of building a new blockchain and digital asset, weeks after the cryptocurrency collapsed.

According to CoinGecko, Terra Luna Classic (LUNC) has risen over 70% in the last 24 hours to $0.00013, following the newly minted currency fell within hours of its first day of trade on May 28 when they released a new chain airdropping Luna 2.0.

Terra (LUNA) Failing Miserably 

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Following the debut, CoinMarketCap warned investors on its website that LUNA was experiencing severe volatility due to the de-pegging of UST, and advised them should proceed with care.

Binance said in a tweet that 2.0 LUNA will be listed in the Innovation Zone and that trading for the LUNA/USDT1 and LUNA/BUSD trading pairs will begin at 6 a.m. UTC on May 31.

The original blockchain was broken off and renamed Classic earlier this week, while Luna, which had fallen close to zero last month, was rebranded Luna Classic with the ticker LUNC. There will be no stablecoin on the new network.

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Developers announced they will establish a new Terra blockchain with a resurrected Luna currency as part of the ecosystem’s recovery plan.

The TerraUSD stablecoin is not included in the new network, which has started operating a coin under the current Luna name and ticker. Supporters will distribute the new Luna coin to Luna Classic and UST holders.

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