Luna 2.0 rises 75% in 24 hours ahead of Binance listing

Luna’s price runs full speed ahead of Binance listing event scheduled for May 31.
May 31, 2022 - Cynthia Chung

After a tumultuous start,Terra 2.0 (Luna) is up over 40% on May 30. It peaked at US$ 30 before plunging to US$ 3.5 on its first day of trading. The token is making a run ahead of its Binance listing slated to go live on May 31 06:00 (UTC).

 

The announcement was made on May 28 and has already garnered a lot of excitement and support. Binance will list Luna open trading for LUNA/USDT and LUNA/BUSD trading pairs in its innovative zone.

The innovation zone refers to the trading section of the exchange where users can trade new tokens with increased market volatility and risk compared to other tokens. Before trading, all users are required to read the Binance terms of use and acknowledge that the risk of trading this particular token carries a ‘higher than normal’ risk for them.

 

Word is going around that most UST and Luna holders may be ready to exit their positions as soon as their tokens are unlocked. 

 

Over US$ 60 billion was wiped from the cryptocurrency market as a result of the Terra Blockchain collapse, affecting many investors. Since a majority of investors have vested their Luna tokens, the tokens cannot be spent for an extended period of time. Further, the new Terra Blockchain does not have its algorithmic stablecoin (UST) and many of its previously robust DeFi protocols have broken down. Without UST or Dapps, there are not many use cases for the new Luna token.

The current price of Luna’s US$ 8.4 is a far cry from Luna’s original all-time-high of US$ 118. LUNC’s price of US$ 0.00013 is even more distant.

Luna tokens will be redistributed and unlocked according to the conversion ratios below:   

 

Pre-Attack 1 aUST = 0.01827712143 LUNA

Pre-Attack 1 LUNC = 1.034735071 LUNA

Post-Attack 1 USTC = 0.02354800084 LUNA

Post-Attack 1 LUNC = 0.000015307927 LUNA

 

However, investors can only receive 30% of the tokens while the remaining 70% are subject to Luna’s vesting schedule. This means they can only unlock their Luna tokens until the vesting schedule concludes in two years’ time.

 

Photo: Unsplash

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