LUNA 2.0 price crashes 67% within hours casting doubt on the | Market Ranger
LUNA 2.0 price crashes 67% within hours casting doubt on the recovery path.
The recovery plan after the collapse of Terraform Labs’ stablecoin TerraUSD (UST) and its native token Terra (LUNA) began on a rocky path after the LUNA 2.0 cryptocurrency suffered a significant price correction hours after its launch.
By press time, the token value had plunged by over 67%, trading at $5.78 from the launch price of $17.8, according to CoinMarketCap data.
The drop comes after Terraform Labs successfully distributed the LUNA 2.0 tokens to investors who held LUNA Classic (LUNC) and TerraUSD (UST). The token was airdropped on May 28, with a maximum circulating supply capped at one billion.
LUNA 2.0 features
According to Terraform Labs, LUNA 2.0 was released under Phoenix-1, the Terra 2.0 mainnet. In an announcement, the company noted that node services, wallets, and explorers would follow the mainnet to go live later.
Additionally, the LUNA 2.0 token does not share any history with the asset’s first version, and it will be based on a genesis blockchain starting from block 0 with no dApps on launch.
The launch comes after several recognised crypto exchanges, including Kraken, Bitrue, Kucoin, By bit, Nexo, Lbank, Bitfinex, and Bitget, listed the token allowing investors to trade in the asset.
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