New Terra (LUNA) Loses Nearly 80% of Its Value Hours After Founder Do Kwon Announces Airdrop

The new Terra 2.0 (LUNA) crypto asset dropped by 80% after founder Do Kwon announced its launch over the weekend.

The new altcoin was distributed through airdrop to holders of the old LUNA after its collapse. The Terra community voted for the genesis of a new blockchain.

Starting near the $18 mark, LUNA moved to $4.39. It has traded more or less sideways since then.

Binance announced it would be listing LUNA in its Innovation Zone. It was created for tokens with increased volatility that has a higher risk than other coins.

LUNA has also been listed on other big crypto exchanges, including KuCoin, Kraken and OKX.

The new blockchain, called Phoenix-1, is now live with public node services. Wallets and explorers are expected to launch shortly, according to Kwon.

Terra 2.0’s launch comes on the heels of an investigation by Korean officials into charges that Kwon ran a Ponzi scheme.

Crystal Panther
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