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

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

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

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