Terra (LUNA) may be nearing its end as its reboot Terra 2.0 with freshly minted tokens failed to entice investors. And it fell about 73% from its initial value – from $19.54 to $5.18.
The new tokens were made available for trading at Bybit crypto exchange on Sunday, 10 minutes after launch. Kucoin said it was also providing LUNA trading. Seven different exchanges – Bybit, MEXC, Kraken, Bitrue, OKK, and BingX – are trading the token, but the platforms are not offering LUNA futures trading. Luke Martin, a crypto trader, tweeted that the only reason to buy LUNA 2.0 is to qualify for the next airdrop of LUNA 3.0 after it goes to zero like LUNA 1.0.
However, the price drop following the launch is not surprising. It just shows a lack of faith in Do Kwon’s revamps moving forward. A number of investors took to Twitter to say that they are looking to recover a small portion of their previously lost capital and wipe their hands clean of the project.
But Binance has shown some optimism by making a multi-year distribution of LUNA to eligible users from May 31. Changpeng Zhao, CEO of Binance, tweeted that credibility is the ultimate currency. But then there are loud skeptics like crypto YouTuber Ben Armstrong who flatly advised not to buy LUNA ever again. He said sometimes one just has to accept the loss. The LUNA project failed so move on.
Meanwhile, other users prefer sticking by the original LUNA.