The month of May began with the collapse of the old Terra and ends with a rebirth of the new Terra 2.0. However, the price of the new LUNA token has immediately crashed hard.
LUNA airdrop goes live
In an effort to breathe new life into Terra, the founder and community have worked out a number of proposals. The plan to build a new chain called Terra (with the token LUNA) and rename the old one to Tera Classic (with the token LUNC) was eventually adopted by the majority of the community. The plan also included the airdrop of several new tokens.
Terra announced that Block 1 of the new Terra blockchain was produced earlier today. Meanwhile, hours after the launch of the new token, prices have fallen by as much as 70%. The Terra (LUNA) price opened between the $17-$18 price level and then briefly rose to the $20 level.
At the moment, however, the price has fallen to USD 5.29. Trading volume has seen a massive 2408% increase to $97.5 million. According to the Coinmarketcap, the market cap is approximately $5.25 billion. The price of Terra Classic has fallen to almost zero.