Terra Labs Co-Founder Do Kwon tried to save his project by launching LUNA 2.0 on May 28th. But, investors show no faith in the revival scheme. The price of Luna has tanked 70% since its launch.
The relaunch of the Terra ecosystem has not been well received by the Terra community. LUNA 2.0 was airdropped to the LUNA Classic (LUNC), Terra Classic (USTC), and Anchor Protocol UST (aUST) holders. Most of the holders sold the airdropped token immediately tanking the price of the token.
Sold my available LUNA 2.0 airdrop → ETH @ $1,790.
I don’t see any fundamental here & I see whatever I get as bonus since I already wrote everything off as a loss & $0.
If not that the others are vesting, I’ll sell ‘em all.
— 𝕎𝕠𝕝𝕗𝕗 (@0xWolff) May 28, 2022
LUNA 2.0 opened at the price of $18.87 on Saturday. Currently, it is trading around $5 which is a 69% drop from the starting price. Many investors suggested that they are using LUNA to recover some of their losses in LUNAC.
Binance will also start airdropping LUNA to eligible users of the platform from May 31st. The token will be listed via Innovation Zone, which is a high-risk asset trading zone.
Also Read: Parliament Summons Do Kwon over LUNA Crash
Many of the users with little to no interest in LUNA ecosystem will cash out as soon as they receive LUNA airdrop. This has the potential of further tanking the LUNA price.
Popular crypto influencer Lark Davis shared his plans of Dumping LUNA upon receiving it:
Zero plans to buy $luna 2.0, but I will dump any airdrop if I get something on Binance.
— Lark Davis (@TheCryptoLark) May 29, 2022
The case of LUNA has become a cautionary tale in the cryptocurrency world. Thus, LUNA 2.0 has failed to gain investor’s support.