The tank in Terra 2.0 comes as a result of the revival plan’s inability to attract investors and a drop in the crypto market.
The price of Terra 2.0 (LUNA) fell to an all-time low of $3.34 on Wednesday, a drop of nearly 70% in a week. Market pressure, ongoing investigations into Terraform Labs and Do Kwon, and a lack of investor confidence appear to be the main factors driving down prices.
After falling by 80% on its first day of trading on May 28, Terra 2.0 (LUNA) prices recovered to $10 on May 31. However, the LUNA price has since failed to recover and has been steadily declining.
Today, the LUNA price has reached an all-time low, falling 20% in the last 24 hours. Most people have sold their airdrop LUNA tokens in the last week due to market pressure. The Terra 2.0 token has dropped nearly 70% in a week, causing investor concern.
Do Kwon, Terra’s founder has made his Twitter account private, allowing only his followers to read and respond to his tweets. Terra 2.0’s revival plan ultimately failed to entice investors and the cryptocurrency community.
Given the heavy losses suffered by original Terra investors, critics of the plan predicted that the revival plan would be sold. This scenario appears to be unfolding.
According to technical indicators, LUNA 2.0 could fall below $1.5 in the coming days. The trading volume has significantly decreased, indicating that investors have lost interest in the token.
Terra Classic (LUNC) is down 15%, with the price currently trading at $0.000062. In addition, the failed TerraClassicUSD (USTC) is currently trading at $0.01, down 16% in the last 24 hours.
LUNA’s losses coincide with a broader decline in the cryptocurrency market.
Terra 2.0 Gets New Governance Forum
Terra’s governance forum has been upgraded to Terra 2.0. Login with Terra Station wallet, token gating on topics to prevent spam, post-polling discussion, intuitive and organized interface, and improved labeling of governance process stages are among the key features.
Furthermore, in the Classic domain, people can access the Terra Classic network’s governance forum. The change is part of an effort to avoid confusion between Terra 2.0 and Terra Classic. The team is also launching a new Terra Classic Twitter handle and a Terra 2.0 Telegram chat group.
