Terra has launched a new version of its failed luna cryptocurrency, which plunged to $0 this month.At its height, the old luna now known as “luna classic” – had a circulating supply of over $40 billion.
After Luna 2.0 was launched, it hit a high of nearly $20. It is currently valued at around $6.27, a near 75 per cent drop.
The new Terra 2.0 (LUNA) crypto asset dropped by nearly 80% immediately after founder Do Kwon announced its launch over the weekend.The new altcoin was airdropped to holders of the old LUNA following its collapse in early May, after the Terra community voted for the genesis of a new blockchain.Launching near the $18 mark, LUNA went aslow as $4.39, and has traded more or less sideways since then.
The whole cryptocurrency market is still trying to recover from the crash earlier this month following the fall of the stablecoin Terra.However, its founder Do Kwon has not given up. On Saturday, Terra developers relaunched a new version of Luna, the crypto linked to Terra, which was supposed to help keep the stablecoin pegged to $1. Unfortunately for Terra and Luna advocates, Luna 2.0, as it’s being called, is already tanking.
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