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Terra (LUNA 2.0) Opens Around $30 on Bybit, then Crashes 80%, Making Binance to Take Caution

The much-anticipated LUNA 2.0 token from the newly launched Terra blockchain has started trading on some exchanges. The token opened as high as $30 on Bybit.

However, the digital asset soon dropped massively by 88% to $3.5 on Bybit exchange and resurged to settle around $6, representing an 80% downtrend from $30.

Read Also: Terra Blockchain Undergoes Rebirth Successfully with LUNA 2.0 Airdrop

The LUNA 2.0 volatility at launch can be seen in the chart below as provided by Bybit exchange.

Terra (LUNA 2.0) Opens Around $30 on Bybit, But Crashes 80%, Making Binance to Take Caution
LUNA 2.0 Token Volatility Source: Bybit

Binance Taking Caution on LUNA 2.0 Listing

So, the trend showcased by Terra (LUNA) token at launch has seemingly led Binance to announce that it will be listed in the innovation zone.

Moreover, the trading of LUNA/USDT and LUNA/BUSD pairs will be delayed till May 31st at 6 am UTC. This waiting is seemingly meant to watch the progress of the new token.

Read Also: Terra Team Set To Burn 1.388 Billion TerraUSD (UST) to Save the Depegged Stablecoin


What Is Binance Innovation Zone?

The Binance Innovation Zone is “a dedicated trading zone where users are able to trade new tokens that may have increased volatility and pose a higher risk than other tokens.”

Before Binance users can trade digital assets in the innovation zone, they are ‘required to visit the web version of the Innovation Zone trading page to carefully read the Binance Terms of Use and complete a questionnaire as part of the Initial Disclaimer.’

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Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

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