Released as part of bringing the Terra blockchain back to life Terra (Luna) or, more distinctively, LUNA 2.0, has been listed by some crypto exchanges. Although the new Terra (LUNA) rose as high as $30 on the Bybit exchange, it fell sharply and lost 80% of its value and is now trading below the $6 level. Due to the volatility in the new token price, Binance postponed the original listing to May 31 and limited transactions to the ‘innovation’ page for now.
The new Terra blockchain mainnet went live today as Phoenix-1. Highly anticipated in the new Terra blockchain LUNA Its trading is now active on some exchanges and is up to $30 on Bybit. However, on the same exchange, the digital asset soon fell 88% on average to $3.5, then rebounded to settle around $6, still representing an 80% drop from its local high.
The chart below, courtesy of Bybit.com, also gives a visual clue to the ongoing volatility surrounding the new LUNA.
Binance Is Cautious When Listing LUNA 2.0
As a result, the volatility in the new Terra (LUNA) digital asset has prompted Binance to announce that it will list it in the innovation zone. Additionally, trading of LUNA/USDT and LUNA/BUSD trading pairs will be delayed until 06:00 UTC on 31 May.
Binance The Innovation Zone is a ‘special trading zone where users can trade with new tokens that may have increased volatility and pose a higher risk than other tokens.’
The team announced the launch of the new Terra chain with the tweet below.
1/ Block 1 of the brand new Terra blockchain (with a chain_id of “Phoenix-1”) has officially been produced at 06:00 AM UTC on May 28th, 2022!
Congratulations to the #LUNAtic community on this expeditious feat of collaboration 🎉
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 28, 2022
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.