New LUNA Dropping Over 69%, Investors Waiting For Binance Launch

• The new LUNA entering a downtrend within two days. 
• Binance has 15.7 million Liquid LUNA for the users which will be available on May 31st.

Terra’s (Terra 2.0) new blockchain went live on May 28 and the network has been updated with the chain-id Phoenix-1. The open price of LUNA was $18.98 and the trading volume was $281,599,801. But since the re-launch of the new Terra network coin LUNA has dropped by over 69% within two days.

New LUNA tokens are being airdropped to investors who previously owned Luna Classic (LUNC), TerraUSD Classic (USTC), and Anchor Protocol UST (aUST).

According to CoinMarketCap’s current price of LUNA is 6.18 at the time of writing also the 24 hours of trading volume has dropped by 66.85% ($130,241,933).

Binance Planning For LUNA

In this situation, investors are waiting to see what will happen once the Binance launches the Luna airdrop in its Innovation Zone on May 31st. The Innovation Zone is a specialized trading area where users can trade new tokens that may have higher volatility and risk than regular tokens. 

Binance will distribute LUNA to the eligible users as well as list the token on its trading platform. The preparation for the move to $LUNC and the anticipated Terra 2.0 $LUNA airdrop, current (old) LUNA holders coins will may missing from their wallets, once the token swap is completed $LUNC balance will show in users’ wallets.

The Terra original blockchain was split off and renamed Terra Classic earlier this week, while Luna, which had fallen close to zero this month, was renamed LUNC. There will be no stablecoin on the new Terra network.