The new Luna token is down almost 90% from its all-time high and maintains a downward trend

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Source: Adobe/Sky Antonio

LUNA, the native token of the new Terra blockchain, has been falling steadily in the market since seeing an initial spike on its first day of trading, with industry watchers constantly questioning whether the attempt Terra’s relaunch will work.

According to price data from the crypto exchange per bit – one of the first major exchanges to make the new token tradable – LUNA launched on May 28 at a price of $0.5. It then rose rapidly to a high of $30 within the first hour of trading.

After the initial spike, the price crashed to a low of $3.5, before stabilizing around $5.5 on most exchanges.

Now, 11 days after launch, it looks like the journey so far hasn’t been great for those who received the LUNA airdrop and chose to keep their tokens.

As of 13:30 UTC on Wednesday, the price of the new token stood at $3.48, roughly 35% below the $5.5 level the token hovered around after launch, and a whopping 88% drop from from its high on launch day. $30.

Price of LUNA since its launch on Bybit:

Source: Bybit.com

The slump in price since the initial excitement at the end of May is now causing some users to question the agenda behind the new token, asking if it is a “second stack” from Terra founder Do Kwon.

“We got the first rugpull yes, but what about the second rugpull,” joked one user on Reddit’s r/CryptoCurrency forum, while another jokingly said “Rugpull2 seems to be done. J hope it will be renewed for a third season.

“The fact that people have fallen for the same program twice is very concerning to say the least,” wrote a third user.

The comments came as Do Kwon made his Twitter account private, meaning only existing followers can see his tweets.

Do Kwon has received a fair share of criticism online since the collapse of the original Terra channel, with reports even indicating that at least one disgruntled investor visited Kwon in South Korea.

Meanwhile, luna classic (LUC) – the token that still exists on the old Terra blockchain – now known as Terra Classic – has also dropped in price in recent days.

At the time of writing, the token is trading at $0.00006028, down 16% in the last 24 hours alone, and down nearly 50% in the last 7 days.

Despite collapsing all its highs, the token still has a market cap of $819 million, putting it at 75e most valuable cryptoasset, according to CoinGecko ranking.
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Learn more:
– Justin Sun’s Tron reveals more details on USDD support in bid to steer it away from UST
– Big wallets left Anchor/UST while small fish continued to invest – Jump Crypto

– Luna Classic “speculative” best seen as a Meme piece
– The new Terra blockchain goes live

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