The post Terra LUNA 2.0 Price Plunge 60% Following The Much Awaited Airdrop appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
Terra’s Airdrop brings the month of May to a close, which began with the collapse of Terra’s LUNA 2.0 and TerraUSD (UST). However, after only a few hours of circulation, the new renamed Terra prices plummeted.
In order to restore Terra, DO Kwon, the founder, and the community came up with a few ideas. The majority of the vote went in favor of rebranding the former chain Tera Classic and creating a new chain called Terra (LUNA) (LUNC). Fresh tokens will be distributed to specific sorts of holders as part of the approach.
Today was the day when Block 1 of the new Terra blockchain was created, as per Terra. Meanwhile, just hours after the new token’s introduction, its value plummeted by 60%. As per the sources, Terra (LUNA) 2.0 started the trade between $17 and $18. Then the price rallied towards the $20 level.
At the moment, Terra’s pricing has bottomed at $6.30. The company’s trading volume has increased by 2408% to $97.5 million. On the other hand, the Terra Classic price hit $0.
Terra already informed that customers who are eligible for the LUNA airdrop can look into their wallets for the new Chain and they must pick the Phoenix-1 network. However, it’s only the 1 billion people who will be receiving the Airdrop.
Pre-attack LUNA holders will receive 35% of the total, with 30% going to the community pool. Next, the UST holders will gain 15% of the airdrop after the post-attachment period.
Further, Terra states that users can put their liquid LUNA in a variety of products. It can be staked on the Terra station in exchange for incentives and a say in governance choices.