After skyrocketing last week, LUNA – the new token from the Terra blockchain that had spectacularly collapsed in May – made its way down to Earth, falling as much as 33% on Monday.
The token was trading around $4.20 as of press time. It had reached $7.60 on Friday, an all-time high since June.
The market capitalization fell to $542 million, cryptocurrency data aggregator CoinGecko shows.
The second version of LUNA was created after Terra lost $60 billion in value because of its May implosion. Authorities are in the process of investigating the affiliated Terraform Labs and co-founder Do Kwon for alleged fraud.
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Howard Greenberg, cryptocurrency educator at Prosper Trading Academy, told CoinDesk last week the surge in LUNC's price made it look like "a meme coin at this point.”