TERRA’S newly minted Luna token has seen its price skyrocket by almost 50 per cent in after being listed on Binance.
Luna 2.0 is now trading at as much as $9.64 according to CoinMarketCap after airdrops of the coin were made to users of the exchange.
With a circulation of 210 million, the cryptocurrency now has a market cap of $1.8 billion.
The surge in value is a remarkable turnaround after a beleaguered start for the new coin.
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Terra launches a secondary edition of Luna on May 28 after the first version of its cryptocurrency – know now as Luna classic – saw its price crash to $0 earlier in the month.
The original coin had a market cap of over $40billion and the sudden plunge in value on May 9 destabilised the whole crypto sphere with other coins also seeing their price drop rapidly.
Luna classic has failed to recover and is now trading for a price of just $0.0002.
When Luna2 launched on Saturday, coins were airdropped into the virtual wallets of users who had held the classic coin.
The exchanges Bybit, Kucoin, Kraken, MEXC, OKK, Bitrue, and BingX all made the coin immediately available to trade on their platforms.
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It initially rose to a trading price of as high as $30 but then saw its value crash by as much as 70 per cent.
Binance CEO Changpeng Zhao said shortly afterwards: “Credibility is the ultimate currency.”
He also described plans for the new coin as “stupid”.
Despite his reservations, Zhao said the Binance exchange would continue to support Luna and delayed its launch in order to better prepare for the airdrop of the new coins.
Withdrawals of Luna2 on Binance are not open until tomorrow.
However, unlike on Saturday, there may not be a sudden rush to sell the coin tomorrow.
Since the weekend the entire crypto market has seen prices rise.
After weeks in the red, values have started to rise again.
