Terra’s newly issued Luna token (LUNA) increased by 39.41 percent on Tuesday after being listed on Binance.
According to CoinMarketCap, Luna 2 was trading at $8.18 at the time of writing, with a self-reported circulating supply of 210 million, giving it a market capitalization of $1.8 billion.
Following the de-peg of algorithmic stablecoin TerraUSD (UST), the token was launched on a new blockchain known as Terra 2.
Investors who held UST or Luna prior to the depeg, as well as those who purchased either asset after the depeg, received varying levels of distribution of the new token.
Luna Classic (LUNC) has been renamed from the original Luna token, which is currently trading at $0.0002.. The new coin was part of a plot to bring Terra back to life.
Despite the fact that the revival plan was approved by Terra’s network validators, it was implemented despite the fact that the results of a preliminary online poll on a hard fork proposal found little support among community members.
According to reports, 92 percent of over 6,220 voters in a prior online poll opposed the change, with the most common response being “no fork.”
Over the weekend, several exchanges supported the new token’s airdrop, with KuCoin and ByBit being the first to list it.
Luna 2 reached a high of $30 on ByBit before losing almost 80% of its value in less than two hours.
To read our blog on “After a 100% drop in 7 days, Indian exchanges delist crypto Luna,” click here.
