The new LUNA token continues to decline
Source: Adobe/Antonio Sky
LUNA, the native token of Terra’s new blockchain, has declined steadily in the market since it saw an initial spike on its first day of trading, with industry observers continuing to question whether the attempt to revive Terra will work.
According to price data from cryptocurrency exchange Bybit, one of the first major exchanges to make the new token tradable, LUNA was launched on May 28 at a price of 0.5 USD. It then continued to rise rapidly until it reached a peak of 30 USD within the first hour of trading.
After the initial peak, the price collapsed to a low of 3.5 USD, before stabilizing around 5.5 USD on most exchanges.
Now, 11 days after launch, it seems that the trip so far has not been great for those who have received the LUNA airdrop and have chosen to keep their Tokens.
The price of the new LUNA token
As of Wednesday at 13:30 UTC, the price of the new token is 3.48 USD, about 35% below the 5.5 USD level around which the token hovered after launch and a whopping 88% less than its high on launch day of 30 USD.
Price of LUNA since launch on Bybit:
Source: Bybit.com
Is LUNA a “second rug pull”?
The collapse in prices from the initial enthusiasm at the end of May is now causing some users to question the agenda behind the new token, wondering if it is a “second rug pull” of the founder of Terra Do Kwon.
One user on Reddit’s r/CryptoCurrency forum joked, “We had the first rug pull, but what about the second rugpull,” while another jokingly said “Rugpull2 seems to be finished. I hope it will be renewed for a third season.”
“The fact that people fell into the same pattern twice is worrying to say the least,” wrote a third user.
The comments came when Do Kwon made his Twitter account private, meaning only existing followers can see his tweets.
Do Kwon has received a fair amount of criticism online since the original Earth chain collapsed, with reports even indicating that at least one disgruntled investor has traveled to Kwon’s home in South Korea.
Luna Classic drops in price
Meanwhile, in recent days even luna classic (LUNC) – the token that still exists on Terra’s old blockchain – now known as Terra Classic – has dropped in price.
At the time of writing, the token is trading at 0.00006028 USD, down 16% in the last 24 hours alone and down almost 50% in the last 7 days.
According to CoinGecko’s ranking, despite the total collapse from its highs, the token still has a market capitalization of $819 million, positioning it as the 75th most valuable crypto asset.