Rebooting the billion-dollar Terra LUNA project
Terra 2.0 native token LUNA looks like it might have some life after all. After a 76% drop in value upon launch caused by sell pressure from airdrop recipients, the initial drop in value looks to be correcting. Now, as the dust settles on the biggest upset in crypto history, what’s the outlook for the once highly acclaimed blockchain and its controversial CEO, Do Kwon?
The arrival of Terra 2.0 is something that could only happen in the crypto space. Where else can a company lose more than 40 billion dollars in two weeks, simply fork their blockchain and reboot the whole operation to a mixed reception?
The new LUNA token debuted on May 28 at $18.87, with a total supply of one billion. Within just six hours, the price had dropped more than 76% to $4.39. One primary reason for this will have been unvested LUNA airdrop receivers selling en masse to try and recover some of their lost funds. Once the dust settled, the price…