Terra 2.0 drops 80% on Bybit after trading starts
The Terra 2.0 cryptocurrency, which was created following a community vote on a coin that crashed in May, has begun trading on multiple exchanges.
The main network of the Terra 2.0 cryptocurrency was launched today at 6:00 UTC under the symbolic name Phoenix 1. On BYBIT, having started trading from $0.5, the LUNA coin quickly reached $30, but then the price fell by 88% from ATH (to $3.5) , and then rose slightly to $5.1. This figure is -83% of the local maximum.
1/ Block 1 of the brand new Terra blockchain (with a chain_id of “Phoenix-1”) has officially been produced at 06:00 AM UTC on May 28th, 2022!— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 28, 2022
Congratulations to the #LUNAtic community on this expeditious feat of collaboration 🎉
The BYBIT chart shows the volatility that comes with trading a new cryptocurrency:
Due to high volatility, the Binance exchange has postponed the start of trading until May 31 at 06:00 UTC. On this exchange, the new Terra (LUNA) will be traded in currency pairs with USDT and BUSD. And the token itself will be placed in the innovation zone, where assets with increased risk are placed.
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