Investors Dumping On Terra As LUNA 2 Tanks 70% In Two Days


Since Terra‘s ecosystem relaunch through Terra 2.0, Terra price has dropped by roughly 70%.

New tokens of LUNA, also known as LUNA 2, are regularly being dropped to investing people who previously owned LUNC, USTC, and Anchor Protocol UST as part of the revitalization plan of Terraform Labs creator Do Kwon (aUST).

Terra News According To CoinGecko

CoinGecko reports that the price of LUNA has fallen from its Saturday starting price of $18.87 to its current price of about $5.71, a decrease of around 69%.

Many investors have indicated on Twitter that they are attempting to retrieve a tiny fraction of their already lost cash and wash their hands off the project, suggesting that the steep drop may signal a relative lack of trust in Do Kwon’s makeover going ahead.

On May 31st, Binance will launch a LUNA distribution to qualified users and offer the token for trade in its Innovation Zone, an area of the exchange reserved for trading volatile assets.

Some members of the community, such as “lurkaroundfind,” who have stated their intention to buy LUNA when the chaos subsides, have expected further violence after the Binance drop becomes active.

Binance has  around “15.7MM LUNA in liquid format, which is going to be available to clients on Tuesday,” they added, suggesting that investing individuals who primarily used the Anchor Protocol will want to cash out as they don’t care much about the Terra ecosystem.

Others with sizable internet followings have taken note, such as Lark Davis’ 988k Twitter followers.

“I have no intention of purchasing $luna 2.0, but I will sell any airdrop tokens I get on Binance.”

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