Terra's Forked Luna Token falls by 70 % one day after the debut
Terra's Forked Luna Token falls by 70 % one day after the debut
- The latest luna token from Terra, which follows a fork of the previous chain, fell 70 % daily after being listed on the large stock exchanges daily
- The trading volume has also decreased by more than half, since the activities gradually begin to cool down due to a comprehensive sale
The latest iteration of the Terra Blockchain (Terra 2.0) has a bumpy start, since her natives token fell considerably after the chain's debut on Saturday.
luna, the converted token of the same name, fell by more than 70 % on Sunday after a quick sell-off after the listing on the crypto exchanges bybit, Kucoin, Gate.io and Huobi.
The prices last changed for around $ 5.69 after they had reached a 24-hour height of $ 19.54. The token was originally listed at Bybit for around $ 3.63, data from the provider Coinmarketcap
The trading volume for Luna over a period of 36 hours has also dropped with its price and recorded an activity decline of 64 % from a maximum of around $ 393.4 million to around $ 145.3 million
The collapse of Terra sent shock waves through the cryptom market at the beginning of this month, after the then native algorithmic stable coin of the blockchain, VAT, began to break away from the US dollar. The StableCoin recently changed owners for $ 0.03.
After several failed attempts to bring VAT back to parity, the original Luna token-which was connected by Design with VAT-also fell 99 % from a high on May 9 from $ 66.51 to less than one cent three days later.
After the Fallout Terraform Labs, the main developer of the Terra/Luna ecosystem, proposed to share the chain to calm up angry investors and to restore confidence in his brand.
A week-long coordination led to 65 % of Luna owners decided last week to fork the battered chain. A renamed Terra Classic in addition to its native asset Luna Classic (LUNC) was maintained as the original chain and tokens, while the latest iteration takes on the form of the old Terra and Luna branding.
The new chain promises to be a “completely owned of the community” network, in which several addresses-which are bound to the project-have been removed by their airdrop whitelist.
Nevertheless, not everyone is impressed by the new facelift, some are upset about the lack of clarity and compensation for those who have lost hundreds of thousands and even hundreds of thousands Millions of dollar value of token.In South Korea, an examination of the lunar collapse is underway, in which Terraform Labs employees were charged and asked to submit materials. Local news agency JTBC Registered.
Blockworks tried to contact Terraform Labs, but did not receive an answer until the editorial deadline.
. .
The contribution Terra’s forked Luna Token falls 70 % a day after debut is not a financial advice.