LUNA 2.0 has arrived: exchanges list the cryptocurrency, but it falls 70%

  • LUNA2 was priced at almost $20 at launch and is now at $6.
  • Several exchanges have listed the cryptocurrency, enabling withdrawals, deposits, and trading.

Do Kwon, the co-founder, and CEO of Terraform Labs, the creator of the Terra (LUNA) cryptocurrency, announced this Saturday the launch of the new Terra 2.0 blockchain, with which they intend to revive the failed LUNA and Terra USD (UST).

Via Twitter, Kwon announced that Phoenix-1, which is the main network of Terra 2.0, entered the game in the early hours of this Saturday, May 28, producing blocks and processing transactions, as part of the timeline that was established by the developers of that project.

As explained by Kwon, the public node services, the Terra wallets, and the explorers of that chain would work again “shortly”.

“Phoenix”, which is what the developers called the new main network of Terra, seems to make a direct reference to the mythological bird that is capable of being reborn from the ashes.

“Phoenix-1 mainnet is now up and producing blocks – public node services, wallets, and explorers should be available shortly,” Kwon wrote on the social network, without adding further details.

According to Kwon, the plan is to reissue LUNA tokens and send them to existing investors who, after the crashes reported a few weeks ago, lost significant sums of money, even registering suicides as a result of this situation.

Kwon detailed on the social network that to see the balances of LUNA2, “you just have to log in and refresh the page”, as a guarantee that the cryptocurrency is back in the air.

Exchanges open the doors to Terra 2.0

After entering the race again, several bitcoin (BTC) and other cryptocurrency exchanges enlisted the resurgent LUNA2, to start trading with the new version of the project, whose characteristics we highlight in this article.

One of the first to announce it was ByBit, which noted that LUNA/USDT trading is now enabled. It was followed by KuCoin, which reported that the cryptocurrency was already fully listed, making it possible to make direct deposits through Terra 2.0.

Bitrue, another exchange, also reported that trading for the new version of LUNA was now available and invited to use the USDT (Tether) and USDC (USD Coin) pairs., for its part, announced the integration of LUNA2, which is now available for trading on its platform, under the LUNA/USDT and LUNA/ETH pairs.

OKEX, in turn, reported that LUNA 2.0 is already part of the cryptocurrencies listed on its platform, where you can trade under the LUNA/USDT pair. Also, deposits are enabled.

Kraken, at the same time, enabled deposits and withdrawals of LUNA2, a currency that can be added to each user’s account. Trading is also operational in this crypto exchange.

For the moment, neither Binance nor Coinbase, which are among the largest exchanges in the market, have communicated whether they have listed LUNA2 on their platforms, despite the fact that the former has committed to the distribution of the Terra 2.0 Airdrop, which was to be delivered on Friday, May 27.

The trend of exchanges is understandable, knowing that a number of exchanges previously reported their support for Terra 2.0, via Twitter messages that were retweeted by Do Kwon.

A drop of 68% in just 3 hours after birth

Although the relaunch of LUNA has been promoted to and supported by the ecosystem, there seems to be uncertainty in the face of a project that left millions in irreparable losses. Its price has fallen almost 70% in just 3 hours since it hit the market.

This is pointed out by CoinMarketCap, one of the most followed price monitors in the market, which shows that LUNA2 reached a price of USD 19.53 at 5:20 in the morning on May 28. But after 3 hours, the price of the cryptocurrency has fallen by 68.15%, to trade at USD 6.22.

Terra Luna price

Although it is early to predict the future that this cryptocurrency will have, this movement in the market allows us to observe the distrust that hangs over investors, who fear for their money.

Leave a Comment