Terra (LUNA) 2.0 Price Falls By Over 60% After Going Live

Just a few hours after the launch of the much anticipated Terra (LUNA) 2.0 the new rebranded Terra prices saw a massive drop by over 60%

Terra (LUNA) 2.0 Price Falls By Over 60% After Going Live
Terra (LUNA) 2.0 Price Falls By Over 60% After Going Live

In order to resurrect Terra, DO Kwon, the founder, and the community devised a few ideas. The majority voted in favor of creating a new chain called Terra (LUNA) and renaming the previous one Tera Classic (LUNC).

The strategy also includes the distribution of fresh tokens to certain types of holders.

Terra (LUNA) 2.0 Sees Red After Launch

Block 1 of the new Terra blockchain was created earlier today, according to Terra. Meanwhile, just hours after the new token’s introduction, its value has plummeted by 60 percent.

According to the data, Terra (LUNA) 2.0 opened between $17 and $18. The price suddenly skyrocketed, approaching the $20 level. Terra’s pricing had been reduced to $6.30 at the time of publication.

The company’s trading volume has increased by 2408 percent to $97.5 million. Its completely diluted market cap, according to Coinmarketcap, is roughly $5.95 billion. In the meantime, the Terra Classic price has nearly fallen to $0.

1 Billion New Tokens To Be Issued Among Holders

Terra already informed us that customers who are eligible for the LUNA airdrop can check their wallets on the new Chain. In their browser extension, they must pick the Phoenix-1 network.

It further stated that the Airdrop’s supply is restricted to 1 billion people. Pre-attack LUNA holders will receive 35 percent of the total, with 30 percent going to the community pool.

Pre-attack aUST holders will receive 10%, while post-attack LUNA holders will receive 10%. UST holders will receive 15% of the airdrop after the attachment.

Users can put their liquid LUNA in a variety of products, according to Terra. It can be staked on the Terra station in exchange for incentives and a say in governance choices.