The reissued cryptocurrency Luna fell 70% in just a few hours

This morning Terraform Labs launched a new version of the Terra blockchain, Terra 2.0 with new LUNA tokens.

About 12 hours after the restart, LUNA (listed on some exchanges as LUNA2) lost almost 73% of its original value, trading at the time of writing at $ 5.18. The local peak was recorded at $ 19.54.

LUNA tokens became available for trading on the Bybit exchange about 10 minutes after the launch, and an hour later Kucoin also announced the launch of LUNA trading. According to CoinMarketCap, LUNA is currently traded on 7 different exchanges – Bybit, Kucoin, Kraken, MEXC, OKK, Bitrue and BingX. None of the exchanges activated LUNA futures trading.

Of the 1 billion new LUNA tokens, only 21 million were sent out on Saturday and put into circulation altogether. The rest of the tokens will be introduced to the market in stages.

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