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LUNA 2.0 hits $30 then drops 80% in first day of buying and selling

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The brand new LUNA 2.0 chain went reside in the present day, Might 28, at 6 am UTC, as tens of millions of wallets obtained an airdrop of the brand new token. The genesis chain additionally started buying and selling on ByBit at 8 am UTC. The value began at $0.30 earlier than skyrocketing to $30 within the first half-hour of buying and selling. Nevertheless, the excessive was short-lived as the worth tumbled to simply $5.30 within the following 3 hours.

ByBit luna 2
Supply: TradingView

On the time of writing, LUNA 2.0 just isn’t accessible on different main exchanges similar to Binance, with the exchanges nonetheless working via processing the airdrop of tokens to their customers. On Gate.io, it reached a excessive of $18, whereas on KuCoin, the volatility was significantly decrease, with a excessive of simply $7.4. ByBit seems to have seen the best volatility attributable to the truth that it listed the token forward of a lot of its opponents.

The value stabilized across the $6-$7 worth mark for a number of hours however is presently trending down, with the worth on the time of press simply $5.70. The promoting stress for the brand new chain is unsurprisingly excessive as many traders are cashing out after dropping all confidence within the Terra ecosystem after the catastrophic occasions of the previous few weeks. Additional, with out the UST stablecoin on the brand new chain, the one use for the LUNA token is within the governance of the ecosystem.

It is a creating story as the brand new LUNA blockchain has solely been operating for six hours. Many traders haven’t but rexeived their airdrop, in order that promoting stress might proceed as the remainder of the tokens are distributed.

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