However, it failed to achieve its goal and hence, Revival Plan 2 was announced by Kwon.ĪLSO ON ABP LIVE: LUNA Investor Arrested For Knocking On Terra Founder Do Kwon's Door After Losing Millions: ReportĪs per the plan, the current Terra blockchain was “forked” into a new one, without the UST stablecoin mechanism as before. Since UST got de-pegged and went below the US dollar value in early May, LUNA lost nearly all its value, trading at 97 percent below its all-time peak of $118, as seen in April.Īfter the crash, the Terra Life Foundation Guard deployed resources of around $1.5 billion to help stabilise LUNA. Previously, LUNA was directly linked to the TerraUSD (UST) stablecoin. LUNA 2.0: Why did LUNA crash? What did Do Kwon’s revival plan entail? On Monday, LUNA investors helped the cryptocurrency’s price peak at $11.97 on Monday, right before its Binance listing.Īt the time of writing, as per CoinMarketCap data, LUNA price saw a dip of 24.86 percent in the last 24 hours.ĪLSO ON ABP LIVE: LUNA 2.0: Everything You Need To Kno LUNA 2.0 Binance listing detailsīinance listed the new LUNA token under its Innovation Zone, where the exchange collates cryptocurrencies that “pose a higher risk than other tokens.” This is the platform’s way of letting customers know to be extra cautious when investing in certain tokens. However, within a period of two days, LUNA price plunged to $5.45. As per CoinMarketCap, the price climbed up to $19.53 on May 28. LUNA 2.0 price movement so farĪs mentioned earlier, LUNA 2.0 made its debut at $17.80. LUNA price stood at $6.31 at the time of writing, as per CoinMarketCap data. So, does this indicate that LUNA 2.0 could prove to be a good investment opportunity? Read on to find out. However, investors did help LUNA 2.0 recover from its floor price on Monday, registering a gain of 97 percent just hours before it made its debut on Binance, the world’s largest crypto exchange. Within a couple of days, LUNA 2.0 dipped nearly 80 percent below its debut price of $17.80. While LUNA investors hoped the new coin would help the crypto recover from its unprecedented plunge earlier in May, it appears that LUNA 2.0 could be more volatile than expected. LUNA 2.0, the replacement coin devised by Terra founder Do Kwon as part of the cryptocurrency’s revival plan, made its debut on May 27.
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