Luna2 drops 66% In 5 days: market players call out Dokwon

Twitter user Sassalox has taken to Twitter to ask Terra’s founder Do Kwon, if it is time for LUNA3 following the Plunge of LUNA2, which has gone down 66% in just 5 days after its launch.

Investors rush for exits after securing airdrop

According to CoinMarketCap, Luna 2.0 is currently trading at $6.58, down from an original price of $17.80 when it launched on Saturday and has seen an all time high of $19.54. Since its launch, Luna2 has garnered a number of reactions on social media.

“We already got ETH2 after the DAO hack.  It’s down more than 66% from the highs.  Need ETH3?  Oh wait…it keeps getting delayed. Tradfi dunking on bitcoin, bitcoiners on ETH, ethereans on Solana/Luna….”

A Twitter user tweeted, explaining that the situation with LUNA2 has played out before.

Just as soon as the Terraform Labs CEO “airdropped” the new token, Luna 2.0, into users’ virtual wallets, holders rushed for the exits in an attempt to retain what little they still could, from their original investment. The new coin promptly plunged over 60%  to around $6.

Luna 2.0 is the brand new token of the new Terra blockchain intended to rescue the Terra Luna ecosystem following the stablecoin collapse. Earlier, Terraform Labs said it would “airdrop” these new Luna tokens to many people who lost money at the rate of 1.03 Luna coins.

State of Terra’s original token, LUNC

The original Terra Chain has been rebranded as Terra Classic and Terra has been rebirthed as Terra 2.0. TerraUSD has been abandoned in favor of creating a new blockchain and digital asset weeks after the cryptocurrency collapsed.

Luna Classic gained over 60% to $0.00013, as per CoinGecko, after the newly launched coin crashed within hours on day 1 of its trading on May 28 when Terra launched new chain airdropping Luna 2.0. 

The Luna Classic price is $0.01, a change of -21.61% over the past 24 hours as at time of writing. The recent price action in Luna Classic left the token’s market capitalization at $46,930,880,257.26 USD. So far this year, Luna Classic has a change of -99.99%. 

Adrian is an avid observer and researcher of the Cryptocurrency market. He believes in the future of digital currency and enjoys updating the public with breaking news on new developments in the Cryptocurrency space.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.