Terra's New Luna Token Surges 40% After Listing on Binance

Terra's new luna token has attracted more than $850 million in trade volume over the past 24-hours as it begins to build momentum.

AccessTimeIconMay 31, 2022 at 9:35 a.m. UTC
Updated May 31, 2022 at 7:27 p.m. UTC

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Terra's newly minted luna token (LUNA) rallied by 39.41% on Tuesday after the token was listed on cryptocurrency exchange Binance.

  • At the time of writing, luna 2 was trading at $8.18, with a self-reported circulating supply of 210 million, giving it a market capitalization of $1.8 billion, according to CoinMarketCap.
  • The token was launched on a new blockchain dubbed Terra 2 following the depeg of algorithmic stablecoin terraUSD (UST).
  • Investors that held UST or luna before the depeg, as well as those who purchased either asset following the depeg, were airdropped the new token with varying levels of distribution.
  • The old luna token, which is trading at $0.0002, has been re-branded luna classic (LUNC). The new token was part of a revival plan for Terra.
  • The revival plan, although passed by Terra’s network validators, was pushed live even as results from a preliminary online poll on a hard fork plan found minimal backing among community members.
  • Some 92% of over 6,220 voters on a previously held online poll voted against the change, with the most popular responses calling for “no fork,” as reported.
  • Several exchanges supported the airdrop of the new token over the weekend, with KuCoin and ByBit being the first to list it.
  • Luna 2 initially rose to as high as $30 on ByBit before losing more than 80% of its value in less than two hours.

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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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