- A whole new version of collapsed LUNA crypto is live on primary crypto exchanges following the major collapse of the Luna classic.
- Luna did come to life again as its supporters voted in favor, but after reaching a certain peak, it slipped significantly.
- It is currently trading at $9.45 and is up by around 42% in the last twenty-four hours.
Can LUNA Really Stay On Surface After Major Drowning
Terra LUNA’s major crash was indeed a shock to everyone which some investors might have not even recovered from. And a whole new version of collapsed LUNA crypto is live on primary crypto exchanges.
Supporters of the Terra blockchain voted last week to give life to LUNA but not TerraUSD (UST), its algorithmic stablecoin which lost its peg and caused intense panic in the crypto space.
TerraUSD, (UST), relied on a code and a sister token, Luna, to maintain a $1 value peg. But as virtual currency prices fell, investors fled the stablecoin, sending the UST wobbling, and taking Luna down with it.
And now Luna, thanks to its supporters, is back with its new iteration, which the investors are addressing as Terra 2.0. It is currently trading on exchanges like Kucoin, Bybit, and Huobi.
But here comes the catch! Terra 2.0 rolling out did not go that well. According to data by CoinMarketCap, after reaching a height of $19.53 on Saturday, Luna slipped as low as $4.39 just a few hours later.
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At the time of writing, it is trading at $9.45 with a market cap of $2,025,168,865 and is up by around 42% in the last twenty-four hours.
Although the analysts are highly skeptical as to if Terra 2.0 would prove to be a success.
Terra is distributing Luna tokens via an airdrop. Most of them would go to those who held Luna classic (original Luna) and TerraUSD (UST) prior to the meltdown, in an effort to compensate the investors.
But given the fact that Terra has lost significant confidence of its investors, it is to look forward if Luna succeeds now.
Source: https://www.thecoinrepublic.com/2022/06/01/luna-got-a-lifeline-following-40b-collapse-but-it-is-anyway-crashing/