The LUNA coin earthquake continues in the crypto money markets. LUNA coin last minute developments and comments are on the agenda of citizens who are interested in crypto money markets. The coin, which experienced a historical decline on May 12 and fell to $ 26 thousand 700, saw the bottom level of 1.5 years.
Under the leadership of Terraform Labs CEO Do Kwon, the Terra network was revived, while the new LUNA, the network’s crypto currency, rose to $ 19.5 on May 28, then fell to $ 3.6.
The price of LUNA coin is being wondered by those who closely follow the crypto money markets. The coin, which experienced a historical decline on May 12, dropped to $ 26 thousand 700, testing the lowest level in 1.5 years, while causing a sharp decline in Bitcoin and alt coins.
After the Terra network relaunch under the leadership of Terraform Labs CEO Do Kwon, “What is Terra 2.0, how much? Will LUNA coin burn or rise?” questions arose. Returning to the crypto money market, Terra 2.0 rose to $ 19.53, decreased to $ 4.39 hours after hours, and stabilized at $ 5.9.
WHY DID LUNA COIN FALL?
After the announcement of the US inflation figures, fluctuations were observed in the cryptocurrency markets. While the eyes of the cryptocurrency market turned to TerraUSD (UST), Avalanche (AVAX) suffered the most from the crisis after the local cryptocurrency of the Terra network, LUNA.
After the attack on the LUNA coin, unfounded purchases were made, as a result of the spreading fear, exits from Terra began. After the exits from the TERRA coin, there was a sharp decline in the stable coin. The sales made to prevent the decline of stable coins disrupted the supply-demand balance, causing a decline in many crypto money markets.
WILL LUNA COIN RISE, WHAT HAPPENS?
While the LUNA coin markets are falling sharply, millions of LUNA will find buyers at the bottom. There is no clear information about how long this process will continue, but it can be said that LUNA coin will not return to its former level for a long time.
Will There Be A Burn For Luna Coin?
Terra was advocating a burn policy to reduce the supply of the LUNA coin, which was heavily minted in the early days. Terraform Labs Founder, Do Kwon, shared a burning address for their insistence on the implementation of the current policy, using the expressions “I am very sorry for the pain my invention has caused all of you”.
On the other hand, while the majority of the community is adopting the Terra founder’s plan to set up the new Blockchain, some of the community thinks that the LUNA burning will have no effect on the price. Investors, who believe that the price can rise by performing token burning, attribute to Terra founder Do Know’s announcement recently that LUNA tokens are no longer printed.
WHAT IS TERRA 2.0?
The entire crypto community is aware of the Terra LUNA coin debacle. With the terra coin falling from $100 to 40 cents, the ecosystem bottomed out and investors lost billions of dollars.
While the Terra LUNA coin team made the Terra 2.0 proposal, the proposal passed with 65.5% of the total votes.
This new proposal included the creation of LUNA 2.0 tokens and Do Kwon’s proposal to reboot the Terra blockchain.
BINANCE LISTED TERRA 2.0 TOKEN ON MAY 31!
For Luna’s relaunched token, investors use the Terra 2.0 designation. The asset in question has already started trading on major exchanges such as Bybit, Kucoin, and Huobi. Binance, one of the world’s largest exchanges, also announced that it will open Luna for trading on Tuesday.
Drop in New Luna
On May 9, there was one of the biggest collapses in the history of cryptocurrencies, when the stable coin TerraUSD (UST) of the Terra network failed to hold the $1 value.
Investors lost a total of $60 billion when Terra’s local currency, LUNA, also collapsed in a draw with UST.
Some institutions and developers who supported the first project decided to bring the Terra network back to life last week. However, as a result of the discussions, only LUNA, not UST, was implemented in the network called Terra 2.0.
The crypto money in question has already started to be traded on important platforms such as Huobi and Kucoin. Binance has announced that it will list the new LUNA starting tomorrow. Do Kwon, CEO of Terraform Labs, the creator of the first Terra, played an important role in this venture again.
TRADING ON 13 EXCHANGE
The new LUNA is traded on 13 exchanges worldwide as of May 30. It first started trading on May 28. On that date, transactions started with a value of $17.8. It rose as high as $19.54 during the day, then fell sharply.
The new Luna recoupled some of its losses, rising to $6.45 today after falling to $3.63 on May 28. However, those who took the top have lost 67 percent in 2 days so far.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.