On Saturday, May 28, 2022, LUNA classic and UST classic holders received an airdrop consisting of new LUNA 2.0 tokens based on two blockchain snapshots. The crypto asset’s first recorded value at 5 a.m. ET was $14.31 per unit, hitting an all-time high (ATH) of $18.87 per LUNA about 20 minutes later. LUNA is down more than 70% as it traded for $4.20 per unit at 11:00 a.m. Saturday.
LUNA 2.0 starts
The new LUNA Token is now trading as the crypto asset has been airdropped to LUNA Classic (LUNC) and UST Classic (USTC) holders. There is currently a maximum supply of 1,000,000,000 LUNA coins, but the current amount of tokens in circulation is unknown.
LUNA is currently seeing the most activity on trading platform Okx and 24-hour metrics show that LUNA has seen a price range between $18.87 and $4.20 per unit. Other exchanges monitoring LUNA trading activity are Gate.io and MEXC Global.
Terra’s co-founder Do Kwon tweeted about Saturday’s launch, saying, “Phoenix-1 mainnet is now live and producing blocks – public node services, wallets, and explorers should go live shortly.” Kwon also said, “To get your LUNA (or LUNA2, like some exchanges call them) to view token balances, you just need to log in [Terra Station] and refresh the page.”
A number of exchanges have added support for the new LUNA, including Kraken, Bitrue, Kucoin, Bybit, Nexo, Lbank, Bitfinex, and Bitget. Cryptocompare data indicates that Tether USDT dominates a large majority of LUNA trades, followed by ETH. The crypto asset is also paired with fiat currencies USD, CAD, EUR, PHP, INR and IDR.
Terra’s new LUNA coin has been a hot topic of conversation on crypto forums and social media. “If you loved losing all your money playing LUNA 1.0, you will love losing all your money playing LUNA 2.0,” one person said on Twitter said mocking the 2.0 launch on Saturday. “LUNA 2.0” is ancient Egyptian for “we still need the McNugget dinner at table #5”, another person tweeted.
A number of people spoke about the founder of the Terra blockchain. “Kwon staying here while being tarred and feathered daily is the best I’ve seen,” one person said wrote on Saturday. “Literally just buying Luna 2.0 out of respect for LMAO,” the person added. Others weren’t so kind to the new Terra blockchain project. “Buying Luna 2.0 is tantamount to calling your ex back even though she knows she cheated on you. Have some self-respect,” another person meant.
What are your thoughts on the new LUNA blockchain project and the crypto asset being mined by 70% hours after Genesis launch? Let us know what you think about this topic in the comment section below.
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