Luna 2.0 a Bust?

Market Meditations | June 3, 2022

After Luna’s price went plummeting to less than pennies, many lost a lot of money. Last week when Terra backers voted to revive Luna, holders were excited about the opportunity to get something back. While holders of Luna weren’t expecting to get all their money back, they were excited to not have their bags go to zero. After launch, Luna 2.0’s price tanked; let’s take a look to see what happened.

  • Luna 2.0 was expected to go live on May 28 at around 06:00 AM UTC. It ended up going live at around 03:00 AM UTC.
  • When Luna 2.0 went live, it nearly hit a high of $20. At the time of writing, it is currently valued at $6.09 – undergoing a near 70% drop.
  • At the time of launch, holders of the crypto on the old blockchain received an airdrop of Luna 2.0 tokens.
  • While holders received an airdrop, many reported only a minuscule amount in comparison to their previous hold.
  • It appears that many immediately sold off their new crypto in order to recover some of the losses from the old coin.

The price tanking has to do with many selling the airdropped coins to recoup some of their lost savings. We must keep a close eye on the crypto to see how it will respond from here on out.