The price of Terra (LUNA) has fallen by 70% ever since the re-launch of the Terra ecosystem via Terra 2.0 on May 28. The relaunch is the part of Terraform Labs founder Do Kwon’s revival plan, new LUNA tokens, also known as LUNA 2, are now being air dropped to investors who originally owned TerraUSD Classic (USTC), Luna Classic (LUNC), and Anchor Protocol UST (aUST).
Many investors have indicated on Twitter that they are instead attempting to retrieve a tiny fraction of their previously lost cash and wipe their hands clean of the project, implying that the rapid drop indicates a lack of trust in Do Kwon’s makeover moving ahead.
On May 31, Binance will also begin a multi-year distribution of LUNA to qualifying users, as well as trading the token in its Innovation Zone, a dedicated trading zone for volatile and high-risk assets. Some members of the community, such as “lurkaroundfind,” who have stated their intention to buy LUNA after the carnage is finished, have forecast further slaughter once the Binance drop goes live.
They stated that Binance has “15.7MM liquid LUNA, which will be available to clients on May 31,” and that investors who used the Anchor Protocol will attempt to cash out since they are uninterested in the Terra ecosystem.
Read more:
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- Terra collapse not a defeat of stablecoin business: Shark investor Kevin O’Leary
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