The Terra Luna 2.0 Revival Plan has officially passed with over 65% voting in favor of the vote, 20.98% voting to abstain, 0.33% voting no, and 13.20% voting no with veto. This means a new Terra chain will be created, and Luna will be airdropped across LUNA Classic stakers, holders, residual UST holders, and essential app developers. LUNA’s price is currently trading at $0.0001846, up over 13% in the past 24 hours.
With the Terra Builders Alliance: Rebirth Terra Network proposal officially passed, the timeline for the upcoming chain migration is sooner than you might think.
On May 25th, Essential app developer registration should be complete, and on May 27th, the Genesis file will be created from the final launch snapshot, and the network should launch.
This means that LUNA 2.0 will be live as soon as this Friday, and it will be interesting to see how the new chain will perform.
UST continues to trade at abysmally low levels, currently at $0.07528 with a 24-hour trading volume of $66 million and a market capitalization of $849 million. Last night, UST briefly jumped to $0.32 after dropping again to $0.06.
It only makes sense that UST will continue to trade at such low levels as the new LUNA chain won’t include the stablecoin in its ecosystem.
A rumor on Twitter was circulating claiming that Do Kwon, the founder of Terra Luna, has contacted the top five exchanges in Korea asking for a LUNA 2.0 listing. Do Kwon responded, “Yeah, no, I did not.”
Users on Twitter continued to criticize Do Kwon’s response to such outrageous comments, with @FatManTerra saying:
“Why respond to claims from scum-tier clickbait grifters instead of answering legitimate community concerns about TFL’s expenses, LFT deployment, and LFT’s airdrop status?”
Do Kwon responded with: “Funny how when others do it, it’s drifting, but when you do it, it’s “legitimate community concerns.”
Do Kwon has been highly active on Twitter the past couple of weeks, reaching 1 Million followers due to all the attention that LUNA has received, whether positive or negative.
The good news is that the Terra Luna community has a revival plan to look forward to, which means LUNA could still regain some of its valuations and rise from the ashes.
Even at current prices, LUNA’s market capitalization is still hovering well above $1 billion, currently valued at $1.2 billion. With a 24-hour trading volume of $744 million, LUNA’s market still has plenty of momentum to show significant growth once the new chain launches.
Now could be an excellent time to purchase LUNA for those looking to buy the dip and capitalize on the upcoming chain launch on May 27th. At the same time, LUNA could dip below the $1 billion market cap and continue its decline if the community fails to offer a new sustainable value for the ecosystem.
One way in which LUNA could succeed is if it becomes a sort of cult, in the same way that SHIB managed to gain a multi-billion dollar valuation with no real utility besides being a meme coin. The Terra community is one of the most robust on the market, and it wouldn’t be surprising if it banded together and rallied LUNA 2.0 to new heights.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
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