After climbing to $11.33 per unit seven days ago on May 30, Terra’s new LUNA 2.0 token has lost more than 56% in value against the U.S. dollar. Amid the market performance, a number of former Terra-based decentralized finance (defi) projects are transitioning over to the new Phoenix-1 blockchain. In addition to the defi projects re-joining the Terra ecosystem, the whistleblower known as Fatman continues to accuse Terraform Labs (TFL) and Do Kwon of manipulative tactics such as allegedly lying about making LUNA 2.0 community-owned. Fatman alleges Kwon and TFL have access to shadow wallets with 42 million new LUNA tokens.
LUNA 2.0 Token Sheds 56% Since Last Week’s Price High, Terra Defi Apps Join the New Phoenix Blockchain
Last week, the price of Terra’s LUNA 2.0 token was in better standings as the value crept up to $11.33 per unit last Monday. Since then, however, LUNA is down 56.92% since the high on May 30, 2022. Today, 24-hour price range statistics indicate that LUNA has ranged between $4.84 to $5.46 per coin.
Out of more than 13,400+ cryptocurrencies in existence today, LUNA’s market capitalization is ranked 2,806 and it has seen $380 million in global trade volume during the last 24 hours. The top five trading pairs with LUNA on June 6, 2022, includes USDT, USD, EUR, USDC, and ETH respectively.
Amid the market performance during the last week, a number of defi applications that were once very prominent apps on Terra are prepping to re-join or have already joined the new 2.0 system. This includes Terra defi apps like Valkerie Protocol, Leap Wallet, and Astroport.
The Terra Twitter page recently explained that the Terra Bridge Version 2
