Owners of the new Luna 2.0 are eagerly but cautiously following the Luna 2.0 price action following its launch on May 28.
With Luna 2.0 crypto exchange support implemented now, existing Luna Classic holders receive 1 billion new Luna allocations on the new chain.
So, with the Luna crypto crash still on the minds of many Luna owners, what do we know about the price of the new coin?
How Much Does the Luna 2.0 Cost?
As expected, the Luna 2.0 price remained very volatile on the first day of its launch.
Luna stabilized around $16-19 in the first few hours after launch. However, since peaking at $19.54, it has dropped by a whopping 75% to $3.63. However, it now seems to be fixed in the $4-6 range. At the time of writing, Luna price is trading at $ 6,100.
This is still a volatile situation. Luna 2.0 price will likely fluctuate over the next few days.
With many Luna 2.0 price predictions coming from social media and “analyst opinions”, no one can guarantee a specific price for the new coin.
Indeed, despite the prevalence of cryptocurrency airdrops, the Luna 2.0 case is rather unique. Its unprecedented nature makes it much more difficult to make any predictions.
Most of the Luna 2.0 price will come from the decision to print 1 billion of this new Luna. This is significantly less than the current 6.5 trillion Luna circulating supply. However, it’s more than three times what it was before the collapse.
Regardless of the price, Luna 2.0 owners will not be able to cash out all their new coins immediately. Terra said they will receive 30% of their airdrop on May 28 to facilitate the Luna recovery process. The remaining Luna will be gradually unlocked and earned and stacked within six months at the earliest.
The Luna 2.0 launch may also affect the price of the Luna Classic. Just before the May 27 snapshot, many bought the Luna Classic, while its price rose dramatically, but fell and rose again after launch.
Luna 2.0 Market Cap
Many new owners will look at the Luna 2.0 market cap to get a more accurate idea of where it stands relative to other cryptocurrencies.
While 1 billion tokens will be minted, this will only happen gradually. The vesting period means that the amount in circulation at launch will be much less than 1 billion. Some whales holding large quantities may have to wait more than a year before unlocking their Luna.
According to CoinMarketCap, the current circulating supply of Luna 2.0 is 210 million. At a price of $5.96, this puts the market cap at around $1.2 billion (still well under $30 billion as of the end of April.)
However, it is also above the previous chain’s coin. At the time of writing, Luna Classic has a market capitalization of $1.04 billion. While some LUNC owners are waiting for the moment when they can replace the Luna 2.0, it has increased by 100% in 24 hours.
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