Terra returns with Luna 2.0 after the crypto market crash. It’s already going down again.
The entire cryptocurrency market is still trying to recover from the crash that occurred earlier in the following month stable coin fall terra.
However, its founder Do Kwon did not give up. On Saturday, Terra developers relaunched a new version of Luna, a cryptocurrency 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 called, is already on the decline.
“Yesterday, we said Terra 2.0 is coming. Tomorrow, it will arrive,” the official Terra developer account tweeted on Friday. “The community is working around the clock to coordinate the launch of the new series. Subject to a potential change, we expect the Terra rollout to begin on May 28, 2022 at approximately 06:00 AM UTC.”
Luna 2.0 has already launched, coming in at nearly $20. It is currently valued at around $5.75, according to CoinMarketCapnearly 75% decrease.
Along with the launch of a new, supposedly improved blockchain, Terra Scheme To drop Luna 2.0 tokens to holders of cryptocurrency on the legacy blockchain.
The airdrop is basically when the investor is awarded tokens as a result of his holding. Terra decided to take Luna 2.0 off the air for free to previous version holders as a way to make up for some of their losses.
After the crash earlier this month, countless investors shared stories of how it happened Lost Their life savings are in Tira and Luna. Terra, which again is supposed to always be valued at $1, is now worth pennies. Luna who hit absolutely high $104 last March, now equal to fractions of a penny.
However, it appears that at least some of those investors who lost their money and were air-dropped from the new Luna 2.0 tokens have. Sold off their the new encoder for Recovery some of their losses.
Luna 2.0 is currently hovering in the $5 range. Some legitimate Terra and Luna holders are Reports The airdrop enabled them to recover a decimal place of their original investment.
But, based on some feedback from previous owners, there is some distrust in the new project from Do Kwon and the rest of the team behind the failures of the old Terra and Luna.