Terra 2.0 (LUNA) Plummets 70% To A Record Low, Here’s Why
Terra 2.0 (LUNA) price tumbled to an all-time low of $3.34 on Wednesday, down nearly 70% in a week. The market pressure, ongoing investigations on Terraform Labs and Do Kwon, and poor investors’ confidence seems to be the primary factors driving the prices down.
Terra 2.0 (LUNA) prices managed to recover to the $10 level on May 31, after falling 80% on its listing day on May 28. However, the LUNA price has since failed to recover and is decreasing continuously.
Today, the LUNA price has plunged to its all-time low, falling 20% in the last 24 hours. The market pressure in the last week made most people sell their airdrop LUNA tokens before it loses value. The Terra 2.0 token has fallen nearly 70% in just a week, creating FUD among investors.
Mix of factors batter LUNA
Terra’s founder Do Kwon has made his Twitter profile private, allowing only his followers to read and reply to his tweets. The Terra 2.0 revival plan has ultimately failed to attract investors and the crypto community.
Critics of the plan had warned that the revival plan was bound to be sold, given the heavy losses experienced by original investors in Terra. This scenario appears to be playing out.
Technical indicators show that LUNA 2.0 could slump below $1.5 in a few days. The trading volume has decreased significantly, which shows investors have lost interest in the token.
Meanwhile, Terra Classic (LUNC) is down 15%, with the price currently trading at $0.000062. Also, the failed TerraClassicUSD (USTC) is trading at $0.01, down 16% in the last 24 hours.
LUNA’s losses also come amid a broader decline in the crypto market.
Terra 2.0 Gets New Governance Forum
The Terra team has upgraded to a new Terra 2.0 governance forum. Key features include login with Terra Station wallet, token gating on topics to deter spam, post-polling discussion, intuitive and organized interface, and improved labeling of governance process stages.
Moreover, people can access the governance forum for the Terra Classic network at the Classic domain. The move follows plans to prevent confusion between Terra 2.0 and Terra Classic. The team is also launching a new Twitter handle for Terra Classic and a new Telegram chat group for Terra 2.0.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.