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 11, 2023 at 6:32 p.m. UTC

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Oliver Knight

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