On Saturday, LUNA traded for as much as $19.54, but hours later it fell to lows of $3.63, dropping 80%. After a slight rebound, it got stuck at around $6. At press time, it was trading at $6.47.
In the runup to the launch of Terra 2.0, critics of Do Kwon’s proposal warned that the new blockchain and airdrop were designed to provide exit liquidity for investors to recoup some of their losses. As the crypto world watched the new LUNA nosedive, they were quick to drive their point home.
Earlier, Binance tweeted that users might see their LUNA Classic (LUNC) tokens disappear from their wallets, assuring that it’s a temporary solution required by the mechanics of the airdrop.
Trading has already begun on KuCoin, Huobi, OKX, and Kraken, among other exchanges. At press time, Kraken’s LUNA/USD trading pair was the only one with a liquidity score above 500 (with 1000 being the highest possible value) according to CoinMarketCap.