LUNA 2.0 hits $30 then drops 80% in first day of trading |
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The “luna coin price prediction” is a cryptocurrency that was released in February of this year. The project has been met with mixed reviews, with some saying it will be the next big thing while others are skeptical of its future.
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The new LUNA 2.0 chain went online today, May 28, at 6 a.m. UTC, with an airdrop of the new token to millions of wallets. At 8 a.m. UTC, the genesis chain started trading on ByBit. In the first 30 minutes of trade, the price skyrocketed from The new LUNA 2.0 chain went live today, May 28, at 6 am UTC, as millions of wallets received an airdrop of the new token. The genesis chain also began trading on ByBit at 8 am UTC. The price started at $0.30 before skyrocketing to $30 in the first 30 minutes of trading. However, the high was short-lived as the price tumbled to just $5.30 in the following 3 hours..30 to $30. The peak, however, was short-lived, as the price dropped to barely $5.30 in the next three hours.
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LUNA 2.0 is not accessible on other large exchanges, such as Binance, at the time of writing, since the exchanges are currently working through the airdrop of tokens to its users. It hit a high of $18 on Gate.io, but the volatility on KuCoin was far lower, with a high of only $7.4. Because it listed the token ahead of several of its rivals, ByBit looks to have witnessed the most volatility.
For many hours, the price was stable at $6-$7, but it is now moving down, with the price at the time of press being around $5.70. The selling pressure on the new chain is understandably significant, since many investors have lost faith in the Terra ecosystem after the disastrous events of the previous few weeks. Furthermore, without the UST stablecoin on the new chain, the LUNA token’s primary purpose is in ecosystem governance.
The new LUNA blockchain has just been operational for six hours, thus this is a developing tale. Because many investors have yet to get their airdrops, selling pressure may persist when the remaining tokens are dispersed.
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