LUNA 2.0 Suffers Significant Price Correction Hours After Launch

The recovery plan for Terraform Labs’ stablecoin TerraUSD (UST) and its native token Terra (LUNA) embarked on a bumpy route after the LUNA 2.0 cryptocurrency suffered a substantial market fall hours after its launch. TerraForm Labs successfully delivered new LUNA coins to market participants holding LUNA Classic (LUNAC) and TerraUSD (UST). According to data from cryptocurrency exchange Bybit, LUNA began trading at $0.5 and quickly rose to a high of $30 before dropping by more than 88% to $3.5. Related Reading | Cryptocurrency Spams Grow By Over 4000% In The Last Few Years LUNA 2.0 Price Surged 5,900% On Saturday, May 28, the LUNA price surged 5,900% to a new all-time high of $30. Unfortunately, this spectacular rise was short-lived. The price soon reversed and dropped 88%, resulting in a swing low of $3.50. LUNA 2.0’s price increased quickly after it hit $3.5, reaching $10.22 before staying at $6 for the last two days. As this coiling up continues, there is a good chance that Terra bulls may come together and cause a big rally. People are bullish on LUNA because assets usually go back to their average after a big move. LUNA’s price went down 88% recently. But it will probably go back up just as quickly because the decline was so sharp. Although, some members of the Terra community speculated that LUNA 2.0 would cost between $30 and $50 when it was released. Therefore, investors are outraged by the curren...