LUNA 2.0 hits $30 then drops 80% in first day of trading

The caller LUNA 2.0 concatenation went unrecorded today, May 28, astatine 6 americium UTC, arsenic millions of wallets received an airdrop of the caller token. The genesis concatenation besides began trading connected ByBit astatine 8 americium UTC. The terms started astatine $0.30 earlier skyrocketing to $30 successful the archetypal 30 minutes of trading. However, the precocious was short-lived arsenic the terms tumbled to conscionable $5.30 successful the pursuing 3 hours.

Source: TradingView

At the clip of writing, LUNA 2.0 is not disposable connected different large exchanges specified arsenic Binance, with the exchanges inactive moving done processing the airdrop of tokens to their users. On Gate.io, it reached a precocious of $18, portion connected KuCoin, the volatility was considerably lower, with a precocious of conscionable $7.4. ByBit appears to person seen the highest volatility owed to the information that it listed the token up of galore of its competitors.

The terms stabilized astir the $6-$7 terms people for respective hours but is presently trending down, with the terms astatine the clip of property conscionable $5.70. The selling unit for the caller concatenation is unsurprisingly precocious arsenic galore investors are cashing retired aft losing each assurance successful the Terra ecosystem aft the catastrophic events of the past fewer weeks. Further, without the UST stablecoin connected the caller chain, the lone usage for the LUNA token is successful the governance of the ecosystem.

This is simply a processing communicative arsenic the caller LUNA blockchain has lone been moving for six hours. Many investors person not yet rexeived their airdrop, truthful that selling unit could proceed arsenic the remainder of the tokens are distributed.