Cryptocurrencies
‘Pure Gambling’ Prompts Wild Swings in New Luna Cryptocurrency
- Relaunched token was distributed to investors on Saturday
- New token is still relatively ‘illiquid,’ market maker says
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Terra’s new Luna token is taking holders on a wild ride just days after being distributed to investors who saw the value of their cryptocurrencies tied to the failed blockchain destroyed.
Various trading platforms showed differing prices after the tokens were awarded on Saturday in what’s referred to in the crypto industry as an airdrop. Kraken data show that the price opened at around $17, and swung between $30 and $4.80. OKX listed an opening price of $1, with extremes of $20 and $5. Luna 2.0, as the new token is known, was up about 30% to around $9 on Tuesday, according to pricing data from from TradingView and Kraken.