Crypto Catch: Terraform Labs releases Luna 2.0; Bitcoin drops over 6%

June 02, 2022 02:22 PM AEST | By Daniel Paul Johns
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Highlights

  • Terraform Labs – the company behind the collapsed TerraUSD and Terra Luna tokens – has started trading a new digital coin, referred to as Luna 2.0, as part of their revival strategy
  • The old Luna coin can still be traded but is now referred to as Luna classic with the ticker LUNC
  • Bitcoin ended its short-lived ascension, dropping 6.56 per cent to US$29,722

Terraform Labs – the company behind the collapsed TerraUSD and Terra Luna tokens – has started trading a new digital coin, referred to as Luna 2.0, as part of their revival strategy.

Worth mentioning here is that founder of Terraform Labs, Do Kwon, required round the clock security as furious investors demanded answers after losing their life savings.

Announcing his plans for the new cryptocurrency, Kwon wrote that it was a chance “rise up from the ashes”.

The new coin is trading under the ticker LUNA, with some investors, who lost money in the previous token’s collapse potentially getting some coins for free.

Meanwhile, the old Luna coin can still be traded but is now referred to as Luna classic with the ticker LUNC.      

The new Luna coin has had a rough opening period, dropping over 75 per cent in value during its first hours, although it has since regained some of that value.

Currently, the coin is valued at US$6.59, after a fall of 23 per cent since yesterday.

In market news. Bitcoin ended its short-lived ascension, dropping 6.56 per cent to US$29,722.

Ethereum also dropped 6.43 per cent from yesterday to reach US$1,810.

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Data Source: CoinMarketCap.com, based on top 100 cryptos. 

Note: Growth from the 24 hours prior to 12:30pm AEDT 

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