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Lunatics See Meager Gains Since Relaunch of Failed Crypto Token

  • Luna 2.0 tokens were distributed to previous UST, Luna holders
  • Airdrop had spurred optimism about recouping losses
Terra's Luna Amid Its $60 Billion Implosion
Photographer: Gabby Jones/Bloomberg

Results aren’t living up to expectations for a quick recovery held by many of the investors who received new Luna tokens following last month’s collapse of the cryptocurrencies tied to the failed Terra blockchain. 

The average price of the Luna 2.0 token has remained below $11 in the week since they were distributed by Terra, according to data complied by tracker Kaiko. Just a day before the TerraUSD (UST) stablecoin began to lose its 1-to-1 peg to the dollar on May 7, its affiliated token Luna was trading at about $86.