08 Jun 2022 · 2 min read

New Luna Token Down Almost 90% From Its All-Time High and Keeps Trending Lower

Source: Adobe/Sky Antonio

 

LUNA, the native token of the new Terra blockchain, has fallen consistently in the market since seeing an initial spike on its first day of trading, with industry observers keep questioning whether the attempt to revive Terra will work.

According to price data from the crypto exchange Bybit – one of the first major exchanges to make the new token tradeable – LUNA launched on May 28 at a price of USD 0.5. It then went on to rise quickly to a peak of USD 30 within the first hour of trading.

Following the initial spike, the price crashed to a low of USD 3.5, before stabilizing around USD 5.5 on most exchanges.

Now, 11 days after the launch, it looks like the journey so far has not been great for those who received the LUNA airdrop and chose to hold on to their tokens.

As of Wednesday at 13:30 UTC, the price of the new token stands at USD 3.48, about 35% below the USD 5.5 level that the token hovered around post-launch, and a whopping 88% down from its high on the launch day of USD 30.

Price of LUNA since launch on Bybit:

Source: Bybit.com

The price crash since the initial excitement in late May is now causing some users to question the agenda behind the new token, asking if it is a “second rugpull” by Terra founder Do Kwon.

“We've had first rugpull yes, but what about second rugpull,” joked one user on Reddit’s r/CryptoCurrency forum, while another jokingly said “Rugpull2 seems to be over. I hope it gets renewed for a third season.”

“The fact people fell twice for the same scheme is very concerning to say the least,” a third user wrote.

The comments came as Do Kwon has made his Twitter account private, meaning that only already existing followers can see his tweets. 

Do Kwon has received a fair share of online criticism since the original Terra chain collapsed, with news reports even indicating that at least one disgruntled investor has made his way to Kwon’s house in South Korea.

Meanwhile, luna classic (LUNC) – the token that still exists on the old Terra blockchain – now known as Terra Classic – has also fallen in price in recent days.

At the time of writing, the token is trading at USD 0.00006028, down 16% in the last 24 hours alone, and down by close to 50% over the past 7 days.

Despite the total collapse from its highs, the token still has a market capitalization of USD 819m, placing it as the 75th most valuable cryptoasset, per CoinGecko’s ranking.
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