Terra has successfully distributed the new LUNA tokens to market participants who held LUNA Classic (LUNAC) and TerraUSD (UST). Data from cryptocurrency exchange Bybt shows that LUNA opened at $0.5 and, within a few minutes, surged to a high of $30 before plummeting by more than 88% to $3.5.
LUNA 2.0 has partially recovered from the crash and trades at $6.2 at the time of writing.
LUNA 15-min chart
LUNA 2.0 was rumored to cost between $30 and $50 upon launch by some members of the Terra community. The recent price action has caused a furor among investors who continue suffering from the losses incurred following Terra's LUNA and UST death spiral.
Rug me once; shame on you. Rug me twice; shame on me. Rug me twice and convince me to burn my money; now I’m just completely fukn redacted.— Galois Capital (@Galois_Capital) May 25, 2022
Where is Bitcoin price heading next?
In the following video, FXStreet analysts evaluate Bitcoin price action to determine where it will go next and whether altcoins will move in the same direction:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto liquidations hit $311 million, what’s next?
BTC price has suffered a fatal setback after the recent lawsuit that the SEC filed against Binance and its founder, Changpeng “CZ” Zhao. The suit caused the markets to cascade, triggering a massive sell-off and causing roughly $311 million in liquidations across the entire crypto landscape.
Apple staying mum on Metaverse at WWDC wipes out Metaverse tokens’ value by 10%
Apple recently hosted the WWDC, where it was expected to kickstart the Metaverse hype again. However, with the anticipation going through the roof, the opposite happened when the company with the biggest market cap failed to talk about the virtual world.
Dogecoin price crashes by nearly 12% as loyal investors continue to offload their DOGE
Dogecoin price is currently following Bitcoin’s lead, bringing the meme coin down to three-month lows and testing a key support level. The cryptocurrency has been a highly influenced token for a long time now, but with DOGE’s charm fading away.
Is the metaverse hype back in action?
Although there are no major macroeconomic events this week, investors can expect massive volatility on a daily basis. The reasoning behind this outlook is that Apple will be conducting the 2023 Apple Worldwide Developers Conference (WWDC) on June 5.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.