Since the re-launch of the Terra ecosystem through Terra 2.0 on May 28th, Terra's (LUNA) price has plummeted almost 70%
Under the resurrection plan of Terraform Labs creator Do Kwon, investors who previously owned Luna Classic (LUNC), TerraUSD Classic (USTC), and Anchor Protocol UST are receiving new LUNA tokens, also known as LUNA 2. (aUST).
Luke Martin tweeted that:
The only reason to buy $LUNA 2.0 is to qualify for the next airdrop of $LUNA 3.0 after it goes to zero like $LUNA 1.0
It looks like Do Kwon, has lost the confidence of all the Luna investors, whom does not seem to know what to do at this point. At this juncture, the precipitous decline seems to indicate a relative lack of confidence in Do Kwon's makeover going ahead, with many investors expressing on Twitter that they are hoping to recoup a tiny fraction of their already lost wealth and abandon the project.
Binance will begin a multi-year distribution of LUNA to qualified users on May 31, in addition to offering the token for trade in its Innovation Zone, a trading zone devoted to volatile and high-risk assets.
Some members of the community, such as "lurkaroundfind," who have stated their intention to acquire LUNA after the chaos subsides have forecast greater violence once the Binance drop goes live.