After crashing to $0 earlier in the month, the luna cryptocurrency has now been revived and is already available on many different exchanges.
The old luna coin had a supply in circulation worth over $40 billion before its crash. Though there were some hopes that this new luna would be more stable, it has already begun to crash.
This cryptocurrency was initially tied to a stablecoin called TerraUSD. Stablecoins such as these are tied to the value of a fiat currency – usually, and in this case, the US dollar – which makes them more stable and less likely to collapse.
Yet Terra did collapse, falling below the value of $1 and causing panic throughout the crypto industry.
Supporters of this type of coin voted to revive luna but not Terra, with the former now trading under the name of Terra 2.0. It is already available on some big exchanges such as Bybit and Huobi. The world’s largest exchange, Binance, has announced that it will shortly list luna.
The initial launch of luna was not the best, with the value dropping from a peak of $19.53 to a stable level of around $5.90. However, there is a quiet confidence that it will manage to survive, even if it might not perform as well as other cryptos that use a similar blockchain structure.
Crypto affiliates should watch carefully to see if their platforms have any stance towards the revived luna, and what this could mean for their programs and audiences.