'Luna 2.0' Drops to One-Ninth in Ten Days After Listing... CEO Goes 'Underwater'

CEO Kwon Do-hyung Switches Twitter Account to Private

On the morning of the 19th of last month, the recent plummeting Luna coin prices were displayed at the Bithumb Customer Center in Seocho-gu, Seoul. / Photo by Yonhap News

[Asia Economy Reporter Na Ye-eun] Korean cryptocurrency Luna (LUNC), which experienced sharp fluctuations, has surpassed ten days since returning to the crypto market as 'Luna 2.0' (LUNA), but Luna 2.0 continues to experience a steep price decline.

According to cryptocurrency information site CoinMarketCap on the 9th, Luna 2.0 was trading at around $2.94, down 13.9% from the previous day as of 1:47 PM KST. It also fell below the $2 mark to as low as $1.96 within the last 24 hours.

According to Terraform Labs, the issuer of this coin, Luna 2.0's market capitalization once dropped below $500 million (approximately 627.8 billion KRW), and the recent 24-hour trading volume exceeded its market capitalization.

Luna 2.0 was listed on major foreign exchanges on the afternoon of the 28th of last month at $17.8 per coin, and shortly after listing, it rose to $19.54 before plummeting vertically to the $4 range, showing extreme volatility.

It surpassed $10 again on the 31st of last month but continued a stair-step decline without significant rebound, with the new low of $1.96 on this day representing only 11% of the listing price.

About a month after the stablecoin TerraUSD (UST), Luna (LUNC)'s sister coin, fell below its peg of $1 around the 10th of last month, triggering a global sell-off, Luna 2.0's sharp decline now dampens hopes for the 'resurrection' of the Terra blockchain.

The original Luna (LUNC) also experienced sharp fluctuations in the last 24 hours, with its lowest and highest prices ranging between $0.00004352 and $0.00006244.

Terraform Labs CEO Kwon Do-hyung actively promoted exchanges handling Luna 2.0 and responded to user questions via his Twitter account at the time of Luna 2.0's listing, but he has since made his Twitter account private.

Online criticism has been raised that Luna 2.0 was created merely to help 'whales' (large holders of coins) and institutional investors who held large amounts of Luna and UST to recover their losses from the launch of Luna 2.0.

On the US online community Reddit, some expect Luna 2.0 to fail as well, suggesting that "Luna 3.0 will be released soon," and noting that "CEO Kwon made his Twitter account private after Luna 2.0's price plummeted."

This content was produced with the assistance of AI translation services.