About a Month After Luna2 Release... No Revival Occurred

Trading Volume Also Shows a Declining Trend Since Release

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] It has been about a month since Terraform Labs newly launched the cryptocurrency Luna (Luna 2) following the collapse of Luna Classic and TerraUSD (UST), but the price remains sluggish.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11 a.m. on the 24th, Luna's price was recorded at $1.91 (approximately 2,484 KRW), down 2.25% from the previous day.

In the early days after its launch, Luna's price showed a rollercoaster trajectory. On the 28th of last month, when CoinMarketCap began tracking it, the price approached $20 but then plunged to $4.05. It then rose to $11.46 on the 31st of last month but subsequently declined. On the 19th of this month, it even dropped to $1.68.

Trading volume also peaked at $1.58868 billion (approximately 2.0653 trillion KRW) on the 31st of last month but decreased afterward. From the 1st to the 23rd of this month, the average daily trading volume fell to $339.27 million (approximately 441.3 billion KRW). Additionally, the lowest trading volume of $98.77 million was recorded on the 22nd of this month.

After the price of the stablecoin UST, designed to be pegged to $1, sharply dropped and Luna Classic's price also fell, Terraform Labs launched the blockchain ecosystem "Terra 2.0." They also conducted an airdrop distributing Luna to existing Luna Classic and UST holders proportionally and subsequently listed it on overseas cryptocurrency exchanges. However, distrust toward Terraform Labs and CEO Kwon Do-hyung remains, making a price rebound difficult.

At the same time, Luna Classic was traded at $0.000058 (approximately 0.08 KRW), up 0.89% from the previous day. Until early this month, it maintained the $0.0001 range but then widened its decline. Recently, trading volume has also sharply decreased; on the 22nd and 23rd of this month, trading volumes were $56.37 million and $51.84 million, respectively, down 1.73 times and 1.88 times compared to the 21st.