New Terra (LUNA) Opens as High as $30 on Bybit, then Crashes by 80% Leading Binance to Take a More Cautious Route

Summary:

  • Trading of the new Terra (LUNA) coin is live on some crypto exchanges.
  • The new Terra (LUNA) opened as high as $30 on Bybit before crashing by 80% to its current level, around $6.
  • Terra’s (LUNA) volatility has prompted Binance to place the digital asset in the innovation and list it on May 31st.
  • Earlier today, the new Terra blockchain went live with its Mainnet being aptly named Phoenix 1.

The highly anticipated LUNA coin trading from the new Terra blockchain is now trading on some exchanges and opened as high as $30 on Bybit. However, on the same exchange, the digital asset soon plummeted by roughly 88% to $3.5, then bounced back to settle around $6, which is still an 80% drop from its local high.

The chart below, courtesy of Bybit.com, further provides a visual cue of the ongoing volatility surrounding the new LUNA.

New Terra (LUNA) Opens as High as $30 on Bybit, then Crashes by 80% Leading Binance to Take a More Cautious Route 2
Volatility surrounding the new LUNA coin. Source, Bybit.com.

Binance Opts for a More Cautious Approach in Listing the New Terra (LUNA) Digital Asset

Consequently, the volatility witnessed by the new Terra (LUNA) digital asset has led Binance to announce that it will be listing it in the innovation zone. Additionally, the trading of LUNA/USDT and LUNA/BUSD trading pairs will be delayed till May 31st at 6 am UTC.

The Binance Innovation Zone is ‘a dedicated trading zone where users are able to trade new tokens that may have increased volatility and pose a higher risk than other tokens.’

Before Binance users can trade digital assets in the innovation zone, they are ‘required to visit the web version of the Innovation Zone trading page to carefully read the Binance Terms of Use and complete a questionnaire as part of the Initial Disclaimer.’

Terra 2.0 Launched Earlier Today with its Mainnet of Phoenix 1 Going Live

Also, today, May 28th, the new chain of Terra (LUNA) was launched by the team at 6 am UTC. The team at Terra also announced that the new blockchain would have a Chain_id of ‘Phoenix 1’.

The team announced the launch of the new Terra chain through the following tweet.

Similarly, Do Kwon notified the Terra Community of the new chain stating that ‘Pheonix-1 mainnet is now live and producing blocks – public node services, wallets, and explorers should be going live shortly.’

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