LUNA 2.0 reaches $30 before plummeting by 80% on the first day of trade
The new LUNA 2.0 chain went online today, May 28, at 6 a.m. UTC, with an airdrop of the brand new token to tens of thousands and thousands of wallets. At eight a.m. UTC, the genesis chain commenced buying and selling on ByBit. In the primary half-hour of trade, the rate skyrocketed from $0.30 to $30.
The peak, however, become short-lived, because the rate dropped to barely $5.30 withinside the subsequent 3 hours. LUNA 2.0 isn’t always on hand on different huge exchanges, which includes Binance, at the time of writing, because the exchanges are presently running thru the airdrop of tokens to its users. It hit an excessive of $18 on Gate.io, however, the volatility on KuCoin become way lower, with an excess of just $7.4. Because it indexed the token beforehand of numerous of its competitors, it seems to have witnessed the maximum volatility.
For several 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 following 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.