{"id":1497531,"date":"2022-05-31T07:15:06","date_gmt":"2022-05-31T11:15:06","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1497531"},"modified":"2022-05-31T07:15:08","modified_gmt":"2022-05-31T11:15:08","slug":"luna-cryptocurrency-relaunches-after-40-billion-collapse-immediately-crashes","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/luna-cryptocurrency-relaunches-after-40-billion-collapse-immediately-crashes\/","title":{"rendered":"\u201cLuna\u201d Cryptocurrency Relaunches After $40 Billion Collapse, Immediately Crashes"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fluna-cryptocurrency-relaunches-after-40-billion-collapse-immediately-crashes%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1497531&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\"><\/div>\n<div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\">\n<div class=\"RenderKeyPoints-keyPoints\" id=\"RegularArticle-KeyPoints-4\" data-test=\"keyPoints-1\" data-analytics=\"RegularArticle-keyPoints-4-1\">\n<div class=\"RenderKeyPoints-wrapper\">\n<div class=\"RenderKeyPoints-list\">\n<div>\n<div class=\"group\">\n<ul>\n<li>Terra has launched a new version of its failed luna cryptocurrency, which plunged to $0 this month.<\/li>\n<li>At its height, the old luna \u2014 now known as &#8220;luna classic&#8221; \u2014 had a circulating supply of over $40 billion.<\/li>\n<li>The revived luna token is already trading on exchanges. But its price is crashing.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ArticleBody-articleBody\" id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\">\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107060118\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<div class=\"InlineImage-imageEmbedCaption\">Cryptocurrency markets have seen a steep sell-off after the collapse of controversial blockchain project Terra.<\/div>\n<div class=\"InlineImage-imageEmbedCredit\">Dan Kitwood | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>A new version of the collapsed luna cryptocurrency is already live on major exchanges \u2014 and it&#8217;s gotten off to a bad start.<\/p>\n<p>Last week, supporters of the Terra blockchain project <a href=\"https:\/\/www.cnbc.com\/2022\/05\/25\/terra-backers-vote-to-revive-luna-cryptocurrency-abandon-ust.html\">voted to revive luna<\/a> but not terraUSD, a so-called &#8220;stablecoin&#8221; that plunged below its intended peg to the dollar, causing panic in the crypto market.<\/p>\n<p>TerraUSD, or <a href=\"https:\/\/www.cnbc.com\/quotes\/UST.CM=\">UST<\/a>, is what&#8217;s known as an <a href=\"https:\/\/www.cnbc.com\/2022\/05\/29\/who-got-rich-before-terra-stablecoin-collapsed.html\">algorithmic stablecoin<\/a>. It relied on code and a sister token, luna, to maintain a $1 value. But as digital currency prices fell, investors fled the stablecoin, sending UST tumbling \u2014 and taking luna down with it.<\/p>\n<p>At its height, the <a href=\"https:\/\/www.cnbc.com\/quotes\/LUNA.CM=\">old luna<\/a> \u2014 now known as &#8220;luna classic&#8221; \u2014 had a circulating supply of over $40 billion.<\/p>\n<p>Now, luna has a new iteration, which investors are calling Terra 2.0. It is already trading on exchanges including Bybit, Kucoin and Huobi. Binance, the world&#8217;s largest crypto exchange, says it will list luna on Tuesday.<\/p>\n<p>Its launch has not gone well.<\/p>\n<p>After reaching a peak of $19.53 on Saturday, luna dropped as low as $4.39 just hours later, according to CoinMarketCap data. It has since settled at a price of around $5.90.<\/p>\n<p>Analysts are deeply skeptical about the chances of Terra&#8217;s revived blockchain being a success. It will have to compete with a host of other so-called &#8220;Layer 1&#8221; networks \u2014 the infrastructure that underpins cryptocurrencies like <a href=\"https:\/\/www.cnbc.com\/quotes\/ETH.CM=\">ethereum<\/a>, <a href=\"https:\/\/www.cnbc.com\/quotes\/SOL.CM=\">solana<\/a> and <a href=\"https:\/\/www.cnbc.com\/quotes\/ADA.CM=\">cardano<\/a>.<\/p>\n<\/div>\n<div class=\"group\">\n<p>Terra is distributing luna tokens through what&#8217;s called an &#8220;airdrop.&#8221; Most will go to those who held luna classic and UST before their collapse, in an effort to compensate investors.<\/p>\n<p>But many investors <a href=\"https:\/\/www.wsj.com\/articles\/terrausd-crash-led-to-vanished-savings-shattered-dreams-11653649201\" target=\"_blank\" rel=\"noopener\">burned by the debacle<\/a> are unlikely to trust Terra a second time, experts say. Vijay Ayyar, head of international at crypto exchange Luno, said there&#8217;s been a &#8220;massive\u00a0loss in confidence&#8221; in the project.<\/p>\n<\/div>\n<\/div>\n<div class=\"WatchLiveRightRail-inline WatchLiveRightRail-container\" id=\"RegularArticle-WatchLiveRightRail-7\" data-test=\"watchLiveRightRail-4\" data-analytics=\"RegularArticle-watchLiveRightRail-7-4\">\n<div class=\"WatchLiveRightRail-contents\"><a href=\"https:\/\/www.cnbc.com\/live-tv\/\" class=\"WatchLiveRightRail-wlButton\">WATCH LIVE<img decoding=\"async\" src=\"denied:data:image\/svg+xml;base64,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\" class=\"WatchLiveRightRail-logo\" alt=\"logo\" \/><\/a><a href=\"https:\/\/www.cnbc.com\/live-tv\/\" class=\"WatchLiveRightRail-wlButtonMobile\">WATCH IN THE APP<\/a><\/div>\n<\/div>\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\"><\/div>\n<div class=\"PageBuilder-col-12 PageBuilder-col PageBuilder-article\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Terra has launched a new version of its failed luna cryptocurrency, which plunged to $0 this month. At its height, the old<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1497531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1497531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1497531"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1497531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1497531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1497531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1497531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}