The Luna holders are eagerly following the price action of Luna 2.0. The coin owners are cautious and are wondering about the worth of Luna 2.0 as it left the old chain and the old price on May 28 as a result of the early May crypto collapse.
The recent Terra crypto collapse had put the utility for the Luna 2.0 coin in some doubt. This was a major problem to be addressed by the Terra community.
The existing old Luna coin holders are obtaining an allotment out of the one billion Luna 2.0 coins with the implementation of the crypto exchange support for the new chain.
Over the next few days, the situation regarding the Luna 2.0 price will remain volatile as the price will keep showing sudden fluctuations.
The decision to mint the one billion new Luna tokens will greatly influence the price of Luna 2.0.
How Much Will Luna 2.0 Be Worth?
Luna 2.0 keeps fluctuating. The existing distributing supply of the new Luna 2.0 token is 210 million, according to the CoinMarketCap.
Within the first couple of hours of the launch, the new Luna coin looked like it would fit around the $16-$19 mark. Then after a few more hours, the value of the Luna 2.0 coin saw a decline of about 80%, and it fell to $5.
According to CoinMarketCap, the original price for the Luna 2.0 coin was $17.80 after its launch on Saturday. But the coin was trading at $6.47 after a day of its launch.
Then the price for Luna after 24 hours was reported to be $5.96 as of 10:30 a.m. BST on 30 May.
The crypto entrepreneur Do Kwon had declared the launch of Luna 2.0 recently. This was his attempt to revive the faith of the investors in the Terra community.
But things didn’t go well for the new Luna 2.0 in the initial few hours, and some people even predicted that the future of the new coin Luna was over in the beginning only.
To market the new Terra coin, the community had announced its airdrop into the wallets of the existing Luna Classic and UST holders. But the publicity move went a bit wrong.
As soon as the existing old Luna holders received the airdropped Luna coin into their wallets, many owners hurried for the withdrawal. This came as the holders’ attempt to rescue whatever they could from the initial investment.
This led to a rapid drop in the price of the Luna 2.0. This move showed that the Luna Community does not have much faith in the new token.
After the Terra crypto collapse of early May, the price of the Luna Classic coin has fallen to zero.
According to the Luna holders, the execution of the new coin’s Airdrop was also imperfect due to problems.
The limited demand for the new coin prevented the holders from selling the airdropped deposit of the Luna holders. Moreover, many crypto exchanges did not allow trading in the new Luna token yet.
Also Read:
- How And Where to Buy Luna 2.0 (Tera 2.0)?
- Luna 2.0 (Terra 2.0) Airdrop Binance
- What Will Happen To Old Luna (Luna Classic)?
- Luna Classic Burn
Conclusion
Due to the current volatile situation for Luna 2.0 in the crypto market, it would not be possible for anyone to predict the price for Luna 2.0.
The dominating cryptocurrency exchange Binance regards the investment in the Luna coin as a risky one by registering the new Luna 2.0 token on its Innovation Zone.
The Luna 2.0 launch and price are also greatly influencing the price for Luna Classic. As a result, its price is also showing fluctuations.
When the faith of the investors in the Terra community has already been shaken badly by the collapse, then it would not be possible for the community to regain it so soon. Although, the situation can turn anytime.
