Hours after its launch, LUNA 2.0 sees a significant price drop.
After the LUNA 2.0 cryptocurrency experienced a significant market decline hours after its introduction, Terraform Labs’ stablecoin TerraUSD (UST) and its native token Terra (LUNA) went on a rough road to recovery. TerraForm Labs successfully issued fresh LUNA coins to LUNA Classic (LUNAC) and TerraUSD holders (UST). LUNA began trading at $0.5 and swiftly soared to a high of $30 before plunging by more than 88 percent to $3.5, according to statistics from cryptocurrency market Bybit. The LUNA price soared 5,900 percent to a new all-time high of $30 on Saturday, May 28. Regrettably, this meteoric rise was short-lived. The price quickly reversed, dropping 88 percent to a swing low of $3.50. After hitting $3.5, the price of LUNA 2.0 immediately climbed, reaching $10.22 before settling around $6 for the previous two days. There’s significant potential that Terra bulls will band together and create a huge rally if this coiling continues.
People are positive about LUNA because following a huge surge, assets normally return to their average. The price of LUNA has lately dropped by 88 percent. However, because the drop was so drastic, it will most likely rise just as rapidly. LUNA 2.0, however, is expected to cost between $30 and $50 when it is released, according to several Terra members. As a result, the present price fluctuation has enraged investors. Terra continues to incur losses as a result of the LUNA and UST death spirals. The LUNA 2.0 price is stabilizing below the middle of the newly developed trading range as a result of Saturday’s airdrop. As a consequence, investors should wait for a directional bias to develop before starting fresh trading positions. Because some individuals were highly hopeful and put in additional money, the collapsing token became popular. As a result, the token’s value skyrocketed. According to market observers, the token’s popularity stemmed from the anticipation that it would be similar to other joke coins such as Dogecoin.
Read more: Do Kwon dissolved Terraform Labs Korea just days before the LUNA accident
