With Luna 2.0 Price Being Hit By Wild Volatility, Gamblers Hop in For Opportunity

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Three days after its release, the new LUNA 2.0 price is seeing significant swings, making it a gambler’s dream. Many  crypto exchanges have also been reporting different values since the airdrop on Saturday.

The data from Kraken reveals that new LUNA currency began its trading at $17 before fluctuating between $30 and $4.80. Meanwhile, LUNA got listed on OKX exchange with the currency starting its trade at $1 before rising $5 to $20.

Binance Lists LUNA

Also there was a listing of new LUNA coins on Binance exchange on May 31. Despite the fact that cryptocurrency is vulnerable to high volatility, such extreme fluctuations in both areas are uncommon.

Investors have been profiting as LUNA is rising in value. However, holders of the prior LUNA version and the UST stablecoin are repaying losses from the Terra crash. As per Head of research at crypto prime brokerage Fadi Aboualfa Copper, this is pure gambling, the one that crypto has never seen.

Will Terra 2.0 Climb The Ladder Of Success

Of course, it’s not the right time to comment on the new Terra blockchain. Analysts are mostly negative about Terra 2.0, based on the big slump earlier this month. Thomas Dunleavy, senior crypto research analyst at digital-asset data firm Messari, told Bloomberg: “The current volatility points that LUNA 2.0 is a speculative asset. This volatility will continue until the trust of investors is gained.” Also adds saying, he doubts if that will happen with many well-funded alternate options around.

LUNA has mainly become “illiquid” due to its enormous price volatility. As a result, a number of UST and former LUNA investors have continued to retain the new currency.