Terra returns to crypto market with Luna 2.0, the cryptocurrency industry as a whole is still working hard to recover from the crash. That occurred earlier this month as a direct result of the devaluation of the stablecoin Terra.
Despite this, the company’s founder, Do Kwon, is not giving up. The makers of Terra reintroduced a new version of Luna. The cryptocurrency that is connected to Terra, on Saturday. This new version of Luna was expected to assist maintain the stablecoin tied to $1.
Unfortunately for everyone who support Terra and Luna. The project that is currently being termed Luna 2.0 is already failing.
“Yesterday, we announced that Terra 2.0 is on the way. The package will arrive tomorrow “on Friday. A tweet was sent out from the official Terra developer account. “The community has been diligently working night and day. To ensure that the introduction of the new chain goes off without a hitch. We anticipate that Terra will go live on May 28th, 2022 at approximately 6:00 AM UTC. However this timetable is subject to change.”
When it does finally arrive, LUNA 2.0 will reportedly be available for a price of fifty dollars. There have been rumors that the price can range anywhere from thirty dollars to sixty dollars. It is necessary for Terraform Labs’ online channels to be updated. With the launch cost of LUNA 2.0 as soon as possible. Before the development team issues an official confirmation. There is no one who can say for certain what the price of LUNA 2.0 will be.
In light of the fact that the vast majority of cryptocurrency exchanges are supporting the Luna 2.0 airdrop. With Binance being the most supportive, Coinbase’s silence about this matter is becoming increasingly noticeable.
It was confirmed that Luna 2.0 will be released, and its price reached nearly $20 at its peak. According to CoinMarketCap, its current value is somewhere about $5.75, which represents a decline of nearly 75 percent.
In conjunction with the launch of the new, presumably superior blockchain. Terra intended to carry out an airdrop of Luna 2.0 tokens to the holders of the cryptocurrency. That was running on the previous blockchain.
An investor is said to have received an airdrop in the form of a gift of tokens. As a result of the investor’s holdings. Like a means of making up for some of their losses, Terra came to the decision to give away free copies of Luna 2.0. To owners of the prior version of the token.
After the market meltdown that occurred earlier this month. A large number of investors discussed their experiences of losing their whole life investments in Terra and Luna. In spite of the fact that its value is meant to remain constant at $1, Terra is currently only worth cents. The value of Luna, which reached an all-time high of $104 in March of this year. Has since dropped to the point that it is now worth fractions of a penny.
However, at least some of those investors who lost money and were airdropped the new Luna 2.0 tokens. Appear to have sold off their newly acquired cryptocurrency. In order to reclaim part of the money that they lost investing.
The Terra Luna 2.0 Comeback
Recent reports have indicated that one can purchase Luna 2.0 for around around $5. The claims of some true holders of Terra and Luna indicate that as a result of the airdrop. They were able to recoup a decimal-place percentage of the initial investment. That they had made in the two cryptocurrencies.
On the other hand, some of the responses from previous holders give the impression. That there is some mistrust in the new project that Do Kwon and the rest of the team working. On the unsuccessful attempts to revive the old Terra and Luna are working on. This is suggested by the fact that there is some evidence of this mistrust.