Luna and TerraUSD, the companies behind crypto markets collapse, have launched a new cryptocurrency. It is currently in active development. For example, nine days after falling to an all-time low of $1.62, the price of Terra’s freshly minted new token (LUNA2) increased significantly.
Regarding recovery from the previous low, LUNA2’s pricing on June 27 reached $2.77, or a 70% increase. However, the token’s price is almost 77% lower than its historical peak of $12.24 in May.
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CoinMarketCap reports that LUNA2 currently trades at $2.36 with a gain of 8% over the past 24 hours.
Many people are selling their cryptocurrency after the market collapse. The market has become less liquid even though it is starting to recover.
Since the beginning of the recovery movement during the last week, however, the market is starting to recover. The liquidations are now at a halt and Terra’s price has risen dramatically.
LUNA2 Is High Risk
The Terra network was launched in May and traded on major exchanges like Binance, Kucoin and Huobi.
Token trading platforms in cryptocurrency first show support for the rebirth of Terra by adding Terra’s newly launched token.
The trading volume has largely influenced the changes in the prices of LUNA2 on different exchanges. LUNA2 cost $12.24 to trade on the major exchanges. However, it eventually lost all its gains because of a dramatic reversal.
Similar to Terra UST and Terra Classic Hikes
TerraUSD has recorded a more than 400 % spike over the last seven days despite the heightened volatility associated with Terra’s recently issued coin LUNA 2.0. CoinMarketCap reports that it trades for an average price around $0.02014. At $83 million, the 24-hour trading volume is for UST.
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The Terra Classic prices (LUNC/OLDLUNA) also rose significantly in the last 24 hours. The market value for Terra Classic rose by $208 million. According to CoinMarketCap data, the token traded at $0.00008521 as of the writing.
Do Kwon is the Terraforms Labs CEO and currently faces a hacktivist group after he was accused by FatMan, a Terra insider.
Featured image taken from Flickr, and Chart from TradingView.com