Luna 2.0 Price: The Luna 2.0 Price Remains Volatile Following Its Launch

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Luna 2.0 price

New Luna 2.0 holders are eagerly but cautiously following the Luna 2.0 price as it moves further away from the May 28 launch.

With the Luna 2.0 crypto exchange support now implemented, current Luna Classic holders are receiving an allocation of the 1 billion new Luna on the new chain. The Luna 2.0 airdrop is suffering from a few distribution issues, however.

So, with the Luna crypto crash still very much at the front of many Luna holders’ minds, what do we know about the price of the new coin?

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Luna 2.0 Price

As expected, the Luna 2.0 price remains very volatile following its launch. The Luna 2.0 price has not stabilised much since launch, moving dramatically between the $2-$4 price range. Since peaking at $19.54 near launch, it crashed a whopping 89% to a low of $1.98 on June 8.

It has since slightly recovered from this to $2.06 on June 20, but is up by 4% in the last 24 hours. This is following the general crypto market which remains down today.

All cryptocurrencies are undergoing a bear market phase, resulting in the crashing of multiple cryptocurrencies. Central cryptos like Bitcoin and Ethereum are down to new lows, currently at $20,369 and $1,123 respectively.

One of the largest rises Luna saw came just a few days after its launch. It jumped 33% rise in anticipation of the Binance Luna 2.0 listing.

This is still a volatile situation for Terra Luna. The Luna 2.0 price will likely fluctuate over the next few weeks and months.

While many Luna 2.0 price predictions continue to come in from social media and “analyst insights”, nobody can guarantee a certain price for the new coin.

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Indeed, despite the prevalence of airdrops within cryptocurrency, the Luna 2.0 situation is a rather unique situation. Its unprecedented nature makes any predictions that much harder.

Much of the Luna 2.0 price will come from the decision to mint 1 billion of this new Luna. This is a significant amount lower than the 6.5 trillion in the current Luna circulating supply. However, it remains over three times as many as before the collapse.

Regardless of the price, Luna 2.0 holders will not be able to immediately cash out all of their new coins. To facilitate the Luna recovery, holders will receive 30% of their airdrop on May 28, said Terra. The remaining Luna will be vested and staked, gradually unlocking in six months' time at the earliest.

The Luna 2.0 launch may also impact the Luna Classic price. With many buying Luna Classic just ahead of the snapshot on May 27, its price shot up dramatically, only to fall, and then rise again in the aftermath of the launch.

Luna 2.0 Market Cap

Many new holders will look to the Luna 2.0 market cap to get a more accurate idea of where it sits in relation to other cryptocurrencies.

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While 1 billion tokens have been minted, this will only happen gradually. The vesting period means the amount in circulation at launch will be much smaller than 1 billion. Some whales holding large amounts may need to wait over a year before unlocking their vested Luna.

The current circulating supply of Luna 2.0 is 6.6T, and with a price of $2.06, this puts the market cap at around the $30.3 Billion mark. This market cap places Luna outside the top 50 cryptocurrencies.

Despite its price drops, Luna 2.0 also remains above the previous chain's coin. Luna Classic has a market cap of $387 million - which is up 6% in 24 hours. LUNC holders awaiting the moment it could flip Luna 2.0 will need to wait longer.

All cryptocurrencies are undergoing a bear market phase, resulting in the crashing of multiple cryptocurrencies. Central cryptos like Bitcoin and Ethereum are down to new lows, currently at $20,369 and $1,123 respectively.

Other factors that are also influencing the prices of these cryptocurrencies are the high inflation rates in the US and diffused interest of users in the crypto domain.