The rebirth of Luna and pump and dump situation

The old Luna crypto currency has been renamed Luna Classic (LUNAC) after launch of Terra 2.0. The LUNAC rallied upto $0.0001778 on 30 May, 2022, and at time of writing is trading around $0.00014 with circulating supply of 6,536.40B. Terra Classic is up 69.90% in the last 24 hours.

Due to de-pegging of Luna from UST, coinmarketcap has already cautioned the investors for extreme price volatility of Luna.

Binance Listing of Luna 2.0

The major exchanges have already listed Luna 2.0 like Bybit, Kucoin and Huobi whereas Binance has made announcement of listing it on 31 May, 2022.

“Binance will list Terra 2.0 (LUNA) in the Innovation Zone and will open trading for LUNA/USDT and LUNA/BUSD trading pairs at 2022-05-31 06:00 (UTC)”.

After the Launch of Luna 2.0 on major exchanges it pumped and then dumped. Initially Luna peaked to $19.53 on Saturday, however latter the price dropped and settled around $5.90. So overall there is still a fear in the market about Luna 2.0 future. The investors are very cautious. Many have even burned a big amount of Luna classic despite Terraform Labs plan of offering airdrops to Luna Classic holders. The eligible users have to select Phoenix-1 network in their browser extension. The recovery plan is to go as following:-

  • 30% as a community pool
  • 35% to pre-attack LUNA holders
  • 10% to pre-attack UST holders
  • 10% to post-attack LUNA holders

Overall I see that LUNAC and LUNA 2.0 will behave same as Ethereum classic and Ethereum. The price may r=move sideways for quite sometime now and then move up.