Luna 2.0 is now online. And its price has already dropped by more than 70% just a few hours after its launch? The first recorded value of Luna 2.0 within minutes of its launch was $14.31 per unit and it reached its ATH about 20 minutes later at $19.67 per LUNA. After that, it dropped over 70% and is currently trading at $4.87 at the time of this recording. It's absolutely crazy. Will this new version survive?

What is the LUNA 2.0 Price Prediction? We’ll share our opinion with you in today's video. So, watch this video all the way through so you don't miss anything.

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Now without further ado, let's get straight to the point.

In a bid to revive Terra, DO Kwon, the founder and community worked out a few proposals. Out of many, the plan to build a new chain called Terra (LUNA) and rename the old one to Tera Classic (LUNC) was passed by the majority. The plan also included the airdrop of new tokens among the different categories of holders.

The Month of May which began with the collapse of Terra’s LUNA 2.0 and TerraUSD (UST) is finally coming to an end with Terra’s Airdrop. However, the new rebranded Terra prices saw a massive drop after just a few hours of its circulation.

But, before we talk about this crash, let's first talk about everything you need to know about the Luna 2.0 launch and AirDrop.

What you need to know here is that, unlike what most people think, the new LUNA is not the fork of the old one, because the new blockchain started with block 0 and abandoned LUNA Classic. Do Kwon and Terraform Labs denied that the event is called a hard fork.

The vote in favor of the LUNA turnaround plan was passed by 65% of the Terra community, despite the anger shown by many investors affected by the Terra debacle two weeks ago.

The collapse of Terra’s tokens wiped out some $40 billion in market value.

Following the fiasco, Terraform Labs, the core development firm behind Terra, proposed a new blockchain. It took only a few days after that proposal was approved for Kwon to deploy another chain, the one that's open for use today. Several applications have now migrated to the new chain, including Astroport, Prism, RandomEarth, Spectrum, Nebula, Terraswap, Edge Protocol, and others.

Unlike its predecessor, the new Terra chain exists without an algorithmic stablecoin and comes only with LUNA which has a fixed total supply of 1 billion tokens. These LUNA 2.0 tokens will trade separately from the original LUNA Classic tokens, whose supply amounts to more than 6.5 trillion.

The most notable aspect of this new launch is the release of new LUNA coins to Terra stakeholders on the Classic channel. They have been designated to receive 70% of the total supply of LUNA 2.0 tokens. The amount of LUNA 2.0 tokens each person receives will vary depending on whether those tokens were held before or after UST's withdrawal, according to an official announcement.

The Luna 2.0 AirDrop has been running since May 28, so if you are a LUNA classic and UST classic holder, you can now receive the new Luna 2.0 coins.

The amount of LUNA users can receive is determined by the types of tokens you hold on the Terra Classic Channel.

It also depends on the period that you held these tokens based on pre-Attack and post-attack snapshots, and the quantity of tokens held.

In the genesis phase, Luna had a pool of 1 billion allocated tokens. The distribution includes a 30% community pool, while the rest is governed by stake governance. As previously announced in the stimulus plan, 10% of the tokens are for developers.

Still, not all of the airdropped tokens are claimable at launch; only 30% of the initial supply can be immediately claimed. The remaining 70% airdrop amount has been staked directly with validators to ensure network security and those will vest in as long as two years.

The pre-depeg LUNA holders will get an airdrop of a pool which holds 35% of the total supply. While the pre-depeg aUST holders are allotted an airdrop capacity of 10%, the post-attack LUNA holder's airdrop also counts to 10%. The post-attack UST holders will get an airdrop of 15% of the supply.

The old Luna will be replaced by Luna 2.0, cutting all ties with the failed stablecoin. However, the old Luna will not vanish from the crypto space. The old Luna will exist along with the new Luna 2.0.

Now, how To Receive new Terra Tokens?

"Luna2" and "Luna 2.0" have been trending on social media during the past 24 hours as holders have been receiving their airdrops. Many people have been asking where they can trade the new LUNA token.

Terra's co-founder Do Kwon tweeted about the launch on Saturday and said: "Phoenix-1 mainnet is now live and producing blocks – public node services, wallets, and explorers should be going live shortly." Kwon also said: "To view your LUNA (or LUNA2 as some exchanges call them) token balances, you only need to log into [Terra Station] and refresh the page."

The first step is to create a new Terra Station wallet. You can purchase the tokens using any exchange that supports Terra.

To receive tokens in the wallet, you can use the wallet address. The wallet address will appear at the top of the Terra Station desktop application, next to the wallet name. Once this box is checked, you will be able to send the tokens from the exchange to their Terra Station wallet address.

Several exchanges support the Terra 2.0 token. Notably, FTX, Bitfinex, GateIO, Huobi, Kucoin, Bybit, and Binance. 

According to the Terra team, the new Terra network will inherit the existing developer pool. It also aspires to "inherit the passionate LUNA community that has made Terra Classic the second largest smart contract blockchain behind Ethereum."

Now, let's talk about this drop. But first, if you like what we do, please let us know by leaving a like and sharing this video. Let's keep going.

Terra informed that block 1 of the new Terra blockchain was produced a few days ago. Meanwhile, a few hours after the launch of the new token, its prices dropped by a whopping 74%.

According to the data, Terra (LUNA) 2.0 opened between $17 and $18 and then jumped to the $20 mark.

However, at the press time, Terra’s price dropped to $4.87. Its trading volume has seen a massive surge of 2408% to stand at $288 million. According to the Coinmarketcap, its fully diluted market cap stands around $4.87 billion. Meanwhile, the Terra Classic price has almost reduced to stand at zero.

Now, is Luna 2.0 a good investment?

We know that many people suffered from Terra's collapse and it is possible that most of you will not be able to buy the coin again.

It is too early to determine whether Do Kwon, the co-founder of Terra, is responsible for the collapse of Terra, although South Korean prosecutors are building a case against him. As a result, Terra 2.0 will likely fill in the gaps that existed in Terra 1.0. Given the strong brand recognition of Terra, we cannot rule out a price rebound in the near future. We should also not forget that the brand has a community of over 1.1 million members. This is more than enough for the new crypto to rebound.

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