LUNA Reboot Crashes Over 70% Moments After Debut

The LUNA reboot crashed over 70% only a few hours after the debut and after peaking at $19.54 earlier on Saturday so let’s have a closer look at today’s latest altcoin news.

Terraform Labs launched a new version of the Terra Blockchain dubbed Terra 2.0 with newly minted LUNA tokens. About 12 hours later, the LUNA reboot crashed by 70% of its initial value and is now trading at $5.18 from the peak of $19.54. LUNA tokens became available for trading at the ByBit crypto exchange only 10 minutes after launch and an hour later, KuCoin announced it will enable the LUNA trading option as well. Right now, LUNA is traded across seven different exchanges, KuCoin, Kraken, ByBit, MEXC, OKK, Bitrue, and BingX.

The Terra CEO Do Kwon was quiet on Twitter but he only retweeted announcements from the exchanges. Binance CEO Changpeng Zhao added shortly after the debut:

“Credibility is the ultimate currency.”

Most people still appear skeptical about the Terra 2.0 reboot and even YouTuber Ben Armstrong said that people should not buy LUNA ever again. Other Twitter users said they are sticking to the original LUNA or the Terra Classic now renamed, and referred to by some as LUNA classic which is down 29% over the past day. LUNC hit $119 last month before the historic crash which wiped out tens of billions of dollars in value and out of the 1 billion new LUNA tokens, 21 million were airdropped and added to the supply with the rest of the tokens being airdropped in phases.

🌕 on @Bybit_Official , trading now open https://t.co/qpgO726mIM

— Do Kwon 🌕 (@stablekwon) May 28, 2022

As it was reported a few days ago, Bitcoin analysts faced another day of frustration on May 28 as BTC/USD refused to offer the volatility ups or down with the community saying that it was not the decoupling they wanted. The data shows that the biggest crypto sticking in a narrow short-term range into the weekend and other forecast support levels to avoid deeper correction that managed to hold in the May 27 Wall Street session but bounced higher and was absent as commentators looked for new cues. Others focused on Bitcoin’s relative underperformance when compared with stocks that finished up at the end of the week and the S&P 500 gained by 2.47% while the NASDAQ Composite Index increased by 3.33%.