Terra 2.0 went live a couple of days before, launching a new chain with a new token LUNA, while the old token was rebranded as TerraClassic (LUNA). Despite huge criticisms, Do-Kwon, the founder of Terra went ahead with his proposed revival plan and launched a new chain. It was expected that the influx of liquidity in LUNA may give a good bullish momentum to the LUNC and USTC stablecoin, but it appears that the old tokens are no more dependent on LUNA.
The launch of Terra 2.0 was supported by multiple exchanges as they efficiently performed the airdrop of new tokens. However, Binance made the airdrop a few days later on May 30. And as a result, the price of LUNA has significantly increased by almost 70% to reach highs above $10. However, shortly after the drop, prices fell miserably by almost 25% and are currently trading around $8.
However, as per some reports, the recipients received less LUNA than expected which created a huge disappointment among the traders. One popular analyst shared his story with his 101.4K followers of receiving only $112 worth of LUNA after a loss of $50,000.
On the other hand, as Coinpedia predicted earlier, traders can just drop their air-dropped LUNA as they get it, that seems to have been realistic now. A popular analyst, Lark Davis, says he has sold all of his LUNAs received from the airdrop.
The trading volume of LUNA since the Binance airdrop gradually increased from around $146.35 million to $437.16 million, where-in the asset registered the daily highs at $11.97. Further, the price began depleting while the volume kept on surging to reach the current levels at $557.65 million, while prices depleted to $8.32 at the press time.
Hence, the hypothesis of trader dissatisfaction with the recent event emerges. Additionally, if Do-Kwon Towers builds a new stablecoin on the new Terra Chain without solving the UST issue, it could still shake the whole Terra ecosystem in the days to come.
