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.
Around $40 billion in market value was erased for holders of UST and Luna -- whose devotion to the project had earned them the nickname Lunatics -- when the stablecoin depegged. Still, that didn’t prevent champions of Luna 2.0 from hyping the token with predictions that it would surge back “to the moon,” a popular crypto market catchphrase.
Luna 2.0's Rocky Start
spot prices on exchanges show little confidence from investors
While there is not a widely recognized data...
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