Following the crash of LUNA (renamed LUNC), the old native token of the Terra ecosystem, a new blockchain was launched, which gave birth to a new token known as LUNA 2.0.
After the launch of the Terra 2.0 blockchain, the digital token LUNA 2.0 opened as high as $30 on Bybit exchange. However, the digital asset soon dropped massively by 88% to $3.5 and resurged to settle around $6, but it later lost its footing to record its all-time low of $1.62.
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The good news is that the token has started showcasing signs of recovery. It’s worth noting that LUNA 2.0 has gained 70% since dropping to its all-time price low. Despite the positive trend, the cryptocurrency is still trading far from the launch price of $30
At the time of press, LUNA 2.0 is trading at $2.40, with a relatively 9% price upsurge in the last 24 hours, per data provided by CoinMarketCap.
Has LUNA 2.0 Major Recovery Started?
Expectedly, the massive fall of the digital token prompted many investors to start selling as faith in the crypto project disappears.
Howbeit, the market has started to re-establish itself since the recovery started moving during the past week. As a result, the liquidations have begun to level down, resulting in a dramatic increase in the price of Terra (LUNA 2.0).
TerraUSD (UST) and Terra Classic (LUNC) Also Spiked
Over the last seven days, TerraUSD (UST) has gained over 400% despite the heightened volatility associated with Terra (LUNA 2.0). According to CoinMarketCap, it is trading for an average price of about $0.02014. The 24-hour trading volume for UST is at $83 million.
Likewise, the prices of Terra Classic (LUNC) have also increased significantly over the past 24 hours. As a result, the market value of LUNC has surged by $208 million. At the time of writing, LUNC is trading at $0.0001065, with about an 18% price upsurge in the last 24 hours, according to CoinMarketCap.
Meanwhile, the co-founder and CEO of Terraform Labs, Do Kwon, continues to face scrutiny from the public and authorities for allegedly having a hand in the collapse of the Terra ecosystem.
Hacktivist group, Anonymous, has also vowed to make sure Kwon is brought to justice as soon as possible.