From May 8 until now, the situation for LUNA has been like a rollercoaster for the entire investment community. The LUNA community members are still stuck in the middle of the entire disaster. The investors are still uncertain exactly how LUNA would work out in the near future.
The situation gets more interesting for LUNA
As the issue with LUNA occurred, the Terra network team started working on fixing the problem. That is when they came up with a fix in the form of the Terra 2.0 protocol. The team revealed they will be launching a new Terra blockchain dubbed “Terra 2.0” with a new native coin.
Finally, the Terra network team successfully launched the new Terra 2.0 blockchain with a new native token. Ever since the launch of the new token, LUNA has again become a rollercoaster for the entire LUNA community.
Following the launch of the new LUNA on Friday, its price experienced a huge surge. Its price experienced a massive upsurge in a matter of 24-hours. However, the price of LUNA ended up retreating in the same period. After the surge, LUNA is now experiencing turbulence and its value is constantly fluctuating.
Performance of LUNA on Several Exchanges
When Terra network announced the launch of its new blockchain “Terra 2.0”, it was supported by major cryptocurrency exchanges. They also supported the airdrop for the new LUNA token. The on-chain data analytical firms kept monitoring the performance of LUNA on several exchanges.
The report shows that the set price for LUNA was set to $0.5 when launched through the Bybit exchange. Right after its launch, the trading price of LUNA skyrocketed, rising up to $30. It was in a matter of minutes that the trading price of LUNA went up to $30.
However, right after the surge, a strong dip (retreat) was witnessed in the trading price of LUNA. Therefore, within a 24-hour period, LUNA’s price dipped to $4. From there, LUNA’s price exhibited a rebound, and it went up to $6. It was at that point the trading price of LUNA stabilized at the particular mark.
Even now, LUNA is trading at the same $6 price and a great surge has been recorded in its trading volume. The report shows that since the launch of LUNA, the trading volume for LUNA has moved up to $230 million in a 24-hour period.
Performance on KuCoin and Binance
It is to be kept in mind that LUNA delivered different performances on different exchanges. The vast majority of the trading volume for LUNA came from KuCoin. The data shows that KuCoin alone generated $115 million worth of trading volume.
Then comes Binance, which is aiming to launch LUNA in the upcoming days. Binance has announced that it will launch LUNA on May 31. Once launched, it is expected that the trading price of LUNA may experience another major surge.