The entire cryptocurrency market is still trying to recover from the crash earlier this month after the fall of the Terra stablecoin.
However, its founder Do Kwon has not given up. On Saturday, the Terra developers relaunched a new version of Luna, the Terra-pegged cryptocurrency, which was supposed to help keep the stablecoin pegged at $1.
Unfortunately for the defenders of Terra and Luna, Luna 2.0, as it is called, is already sinking.
“Yesterday we said Terra 2.0 is coming. Tomorrow it’s coming,” the official Terra developer account tweeted on Friday. “The community has been working day and night to coordinate the launch of the new string. Subject to possible changes, we expect Terra to launch on May 28, 2022 around 06:00am UTC.”
In fact, Luna 2.0 was released, peaking at nearly $20. It’s currently valued at around $5.75, according to CoinMarketCapa drop of close to 75%.
Along with the launch of the new supposedly improved blockchain, Terra planned airdropping Luna 2.0 tokens to crypto holders on the old blockchain.
An airdrop is basically when an investor receives tokens as a result of their holdings. Terra decided to release Luna 2.0 for free to owners of the previous iteration as a way to make up for some of their losses.
Following the crash earlier this month, countless investors shared stories of how lost your life savings in Terra y Luna. Terra, again supposed to be consistently valued at $1, is now worth pennies. Moon, who hit a its highest point worth $104 last March, now worth fractions of a penny.
Luna 2.0 is currently in the $5 range. Some legitimate owners of Terra and Luna are reporting the airdrop allowed them to recover a decimal percentage of their original investment.
But based on some of the reactions from previous headlines, there is some distrust in the new project from Do Kwon and the rest of the team behind the failures of the old Terra and Luna.