(CTN News) – The new LUNA 2.0 token is up over 40% on May 30 after a rocky start. It hit $30 before plummeting to $3.5 on its first day of trading, and now it’s making another run ahead of its Binance listing on May 31.
Binance does not release listings ahead of time as part of company policy. However, given the sensitive and timely nature of the launch of LUNA 2.0, it has provided a timeline detailing exactly when it will go live. LUNA/BUSD and LUNA/USDT trading pairs will coin live at 06:00 (UTC) on May 31, 2022.
It seems excitement for the Binance listing has the Terra community ready to buy, even though it was announced on May 28. LUNA 2.0 reached a high today of $9.40 before retracing slightly to $8.40. By 10 pm, LUNA 2.0 had continued rising to hit $11.5, up 75%.
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Buy the rumor, sell the news.
Thousands of holders of UST and LUNA 2.0 may be ready to exit their positions as soon as their tokens are unlocked. The Terra ecosystem collapsed, wiping out over $60 billion in global crypto market capitalization, and many investors were hard hit. In contrast to LUNA’s original all-time high of $118, the $8.4 is an order of magnitude above the current LUNC price of $0.00013. An investor that held 10 LUNA before May 7 would have had $780.
On May 16, the same tokens were worth just $0.002. After the LUNA airdrop, they will own LUNA 2.0 worth $87.94. Should they sell at 10 cents on the dollar to recoup their losses or hold to capitalize on a future price increase?
Below is the conversion formula Binance created to calculate the LUNA airdrop:
Pre-Attack 1 aUST = 0.01827712143 LUNA
Pre-Attack 1 LUNC = 1.034735071 LUNA
Post-Attack 1 USTC = 0.02354800084 LUNA
Post-Attack 1 LUNC = 0.000015307927 LUNA
The vesting schedule for LUNA 2.0 tokens suggests that investors will receive only 30% of the tokens. Over a period of two years, the remaining 70% of tokens will be unlocked. With the vesting schedule, the number of tokens that can be sold from the unlocking is artificially limited. Investors will not be able to sell their entire LUNA holdings until the vesting schedule is completed.