Luna 2.0 coin has made a jump of 700% in price just hours after Binance exchange listed it on their platform.
Terra 2.0 (LUNA) went live with a LUNA/BUSD spot pair at 6:00 UTC on Monday, May 31. Luna initially hit a brief high of $18 before crashing down to around $8. Luna then rose to just over $9 before falling to a current level of $8.4.
Even though many investors saw the value of their crypto holdings associated with the original Terra blockchain wiped out earlier in may, still many crypto exchanges started supporting trading Luna 2.0 tokens.
Binance, the largest crypto trading platform, listed it Tuesday 31st May 2022. It is showing a price increase of almost 742% at the time of writing this article.
Find out: How to buy the New Terra 2.0 ($LUNA)
What is Terra 2.0 (LUNA 2.0)?
The new Terra 2.0 blockchain continues the legacy of Terra Classic without the UST stablecoin. It will keep building with the help of the LUNA community dubbed “LUNAtics” and evolve the world-class UX and UI that brought Terra Classic up to second place in total value locked at its peak. Many DApps agreed to migrate to Terra to continue their functionality.
Where Can You Buy Terra 2.0 (LUNA)?
Will Terra Luna recover to previous highs over $100?
According to CoinMarketCap, Terra 2.0 Luna price was at $8.32 with a self-reported market cap of $1.7 billion.
If compared the current market cap is quite far below the previous Terra Luna market cap (now Luna Classic or LUNC) of over $40 billion at the beginning of May. A total of 1 billion new Luna 2.0 crypto tokens have been minted to launch the Terra 2.0 network but only 30% have been released – with the remaining 70% vested and made available over a period of two years. So, it means there is current circulating supply of 210,000,000.00 LUNA.
For Luna to recover to its previous prices of $100 then Terra 2.0 (LUNA) would need a market cap of $21 billion.
While this is possible in theory but it totally depends on the UX and core functionality of the new Terra blockchain. Many of Terra’s previous developers have been airdropping tokens and are migrating their dApps and projects to Terra 2.0.
Many Analysts in general remain bearish on the new Terra blockchain created by Terraform Labs, who is also responsible for the original Terra blockchain.
Do let us know about your views on New Luna Terra in comments below.