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The new LUNA token is down 67% since its launch on May 28

The new LUNA token is down 67% since its launch on May 28

The value of the reissued coin dropped sharply on the first distribution day. In two days, the rate dropped from $18 to $6.

According to CoinGecko, the cryptocurrency was priced at $18.87 at launch and dropped to a low of $4.08 on the same day. As of May 30, the coin is trading at about $6 with a trading volume of $160 million.

The new LUNA tokens are being distributed to holders of old Luna Classic (LUNC), and TerraUSD Classic (USTC) coins under Terraform Labs CEO Do Kwon's plan to revive the Terra system, which collapsed on May 8. The UST stablecoin lost its peg to the US dollar, and the Terra system algorithm started issuing new LUNA tokens at an accelerated rate to ensure the stability of the UST exchange rate, which pushed the LUNA issuance to 6.9 trillion coins. As a result, the token price collapsed to $0.0001, although at the beginning of April, it reached $120.

Major cryptocurrency exchanges such as Huobi, HitBTC, ByBit, and others declared their support for the ecosystem revival and took part in the distribution of new tokens.

Binance announced that the LUNA distribution would start on the platform on May 31. The exchange will also open trading in LUNA/USDT and LUNA/BURST pairs in the "Innovation Zone," a special section for volatile and high-risk assets.

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