The cryptocurrency that has fallen 99.99% will be revived as 'LUNA 2.0', but it will be hit by a fall of nearly 80% at once.



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Terra (LUNA) ', whose price plummeted in early May 2022 and the ecosystem virtually collapsed, resumed as ' Luna 2.0 ' on May 28th. However, it has already fallen sharply since its peak, and it is reported that it has made a bad start.

Terra 2.0: New Luna cryptocurrency is already crashing
https://www.cnbc.com/2022/05/30/terra-2point0-new-luna-cryptocurrency-is-already-crashing.html

Rechristened Luna Trades After'Airdrop' to Terra Investors --Bloomberg
https://www.bloomberg.com/news/articles/2022-05-28/rechristened-luna-trades-after-airdop-to-terra-investors

Terra returns with Luna 2.0 after crashing the crypto market. It's already tanking again. | Mashable
https://mashable.com/article/terra-luna-2-0-airdrop-plunge

TerraUSD (UST), a stablecoin that was supposed to be linked to the dollar, fell in May as the peg with the dollar became unsustainable and the price plummeted, and at the same time, the cryptocurrency LUNA that supported TerraUSD also fell. did.

What happened to the virtual currency 'Terra (LUNA)' whose price dropped by 99.99% --GIGAZINE



After the catastrophe, Terraform Labs, a LUNA developer who was looking for a revitalization by formulating a reconstruction plan , announced on May 28 that it had started a new blockchain.



Along with this, the original virtual currency will be called 'Terra Classic' and 'Luna Classic', and the virtual currency issued by the new blockchain will be LUNA in the future. Investors call this new LUNA 'Terra 2.0' or 'LUNA 2.0'. In addition, it is said that the stablecoin mechanism is no longer used in the new LUNA.

Terraform Labs has made a free distribution of LUNA 2.0, the so-called airdrop , as compensation to owners of Luna Classic, which has virtually lost its value. In addition, the world's largest crypto exchange Binance, as well as crypto exchanges such as Bybit, Kucoin and Huobi, have announced or will be handling LUNA 2.0 one after another.

LUNA 2.0 started with a blockchain named 'Phoenix-1' which means phoenix, but the price has fluctuated immediately after its issuance. According to CoinMarketCap, which provides a chart of cryptocurrency markets, LUNA 2.0 temporarily dropped below $ 4 (about 510 yen) after recording $ 19.53 (2500 yen) immediately after issuance, and fell by about 80%. At the time of writing the article, it has been in the $ 9 range (about 1150 yen).



Experts point out that behind these price movements is the distrust of investors who have been hurt by the fall in the former LUNA. Vijay Ayyar of the crypto exchange Luno said there was a 'massive credit loss' on the LUNA project.

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