The reissued Luna cryptocurrency fell by 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.

Approximately 12 hours after the relaunch, LUNA (designated as LUNA2 on some exchanges) has lost almost 73% of its initial value, trading at $ 5.18 at the time of this writing. 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 has activated LUNA futures trading.

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