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Luna Token Relaunch Kicks Crypto Hype Machine Back Into Gear

  • New Luna tokens will be given to previous UST, Luna holders
  • LUNA 2.0 is already trendy on social media despite controversy
Terra's Luna Amid Its $60 Billion Implosion
Photographer: Gabby Jones/Bloomberg

If you need a reminder that memories are short in the world of crypto, look no further than the relaunch of the Luna token that played a key role in the collapse of the Terra blockchain ecosystem that cost investors billions little more than two weeks ago. 

Hype is already building around the cryptocurrency, which is being reissued as part of a proposal approved Wednesday. The plan seeks to salvage the network after Luna’s affiliated stablecoin, TerraUSD (UST), lost its 1-to-1 peg the dollar and helped trigger a collapse in digital-asset prices.