LUNA 2.0 is listed on the exchange, the token price fluctuates dozens of times

After approving the proposal to start a new network, Terra 2.0 launched at 13:00 (Hanoi time), May 28. A few hours after the system went into operation, some exchanges started listing LUNA 2.0 coins. After listing on the floor, this digital currency fluctuated strongly.

Currently, the token of the new network has more than a total market capitalization 1 billion USD. However, many experts warn of a high level of risk when putting money into LUNA at this time.

Abnormal increase or decrease right after listing

Bybit is the first exchange to list the new LUNA token from around 3pm on May 28. From price 0.5 USD Just when trading was opened, LUNA increased by one circuit 30 USD/copper. In just 20 minutes, this infamous digital currency has increased 60 times in value.

After that, the price of LUNA fluctuated continuously. Currently, this token is trading around 6 USD/dong, divided 5 times from the top. In addition to Bybit, OKEK, MEXC and Kucoin are the platforms that have opened LUNA 2.0 transactions. Meanwhile, major exchanges such as Binance, FTX have not yet announced the opening time to list this digital currency.

With a large level of volatility, experts warn of risks when speculating on LUNA tokens at the moment. “Remember that buying LUNA 2.0 now is a pure gamble and carries huge risks. Better wait a few weeks to see how the DApps perform,” said Remi Tetot, Head of Research at GMI on Twitter.

Meanwhile, Elizy, a cryptocurrency trader with more than 170,000 followers on Twitter, called LUNA 2.0 trash when one person questioned the digital currency after its listing.

Two completely separate LUNA coins

At the same time, many people still confuse the value of the LUNA token (now renamed LUNA Classic) and LUNA 2.0. The new LUNA coin has a total supply of 1 billion tokens, instead of being unlimited like LUNA Classic. In addition, the values ​​of these two digital currencies are completely separate.

According to data from CoinmarketcapLUNA Classic (LUNC) is available now 0.0001 USD with total supply 6,500 billion VNDreach capitalization 690 million USD. Meanwhile, the new LUNA has a circulation of about 210 million tokens, capitalization 1.2 billion USD.

The amount of LUNC, UST of the old network still exists and can be exchanged and traded. However, as capitalization and liquidity have moved to the new network, these tokens are virtually worthless. At the same time, the new ecosystem, with products and applications, also uses LUNA 2.0, instead of LUNC or UST coins.

With the amount of LUNC, UST users keep on exchanges, the platform will work with Terra so that all accounts receive their LUNA 2.0. However, major exchanges such as Binance, Kucoin, ByBit, Huobi, FTX have all suspended trading pairs with LUNC, UST from the night of May 26 (Hanoi time).

According to the plan approved by the vote on Terra Station on May 25, the amount of LUNA 2.0 will be allocated to UST, LUNA holders before and after the time when stablecoin TerraUST loses the milestone. 1 USD.

The distribution of LUNA 2.0 to users will be divided into two groups, before and after the May 7 attack. Holders of LUNC before 7/5 will receive 35% of the total new LUNA tokens. However, small wallets under 10,000 VND will be unlocked 30% immediately after running the network, while large accounts have to wait at least a year. At the same time, holders of LUNC, UST after the attack are also divided about 25% of the total tokens.

Currently, investors can visit the page station.terra.moneychoose a new network and check the amount of tokens you receive with the lock time.