KEY POINTS

  • LUNA 2.0 crashed 70% within the first 24 hours of launch
  • Price peaked at $19.53 and crashed
  • The token now trading in the $4-$6 price range

The new LUNA tokens (LUNA2.0) on a new Terra blockchain (Terra 2.0) started trading first on ByBit on Saturday, but the token dropped 70% within 24 hours of listing.

After the crash of LUNA and UST, the developers of the network hard forked a new blockchain and renamed the original blockchain to Terra Classic and LUNA's original version became LUNA Classic (LUNC). The new LUNA 2.0 token on the Terra 2.0 blockchain started trading on ByBit 10 minutes after the official launch. Shortly after, Kucoin also announced that it was listing LUNA 2.0.

As visible from the data compiled by CoinMarketCap (CMC), LUNA (listed on some exchanges as LUNA 2.0) peaked at a price of $19.53 on May 28. However, within a few hours of reaching this peak, the price of the token crashed to $4 and LUNA went on to trade in the range of $4-$6. As of 11:01 p.m. ET, the price of 1 LUNA is $5.84; it has surged by more than 19% in the past 24 hours.

The price of 1 LUNC is $0.0001144, up nearly 30% in the last 24 hours.

According to CMC, LUNA is being traded across 11 exchanges including Kucoin, Huobi Global, Gate.io, ByBit, MEXC, Kraken, OKX, Bitrue, AEX, Bibox and BingX.

"Credibility is the ultimate currency," said Changpang Zhao, the CEO of the world's biggest crypto exchange Binance.

Binance is also supporting the airdrop of LUNA tokens to the LUNC holders and will list the token in the Innovation Zone and open trading for LUNA/USDT and LUNA/BUSD trading pairs at 06:00 UTC on Tuesday.

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