Terra Luna Classic rallies over 60% after crashing post 2.0 launch

livemint.com:

The original Terra Chain has been rebranded as Terra Classic and Terra has been relaunched as Terra 2.0 as last week developers behind failed stablecoin TerraUSD have voted to abandon the token in favor of creating a new blockchain and digital asset weeks after the cryptocurrency collapsed. 

Terra Luna Classic (LUNC) rallied over 60% in the past 24 hours to $0.00013, as per CoinGecko, after the newly launched coin crashed within hours on day 1 of its trading on May 28 when Terra launched new chain airdropping Luna 2.0. 

CoinMarketCap had notified investors on its website after the launch that due to the de-pegging of UST, LUNA was experiencing extreme volatility and asked the investors to therefore proceed with caution. 

Crypto exchange Binance said in a tweet that it will list Terra 2.0 $LUNA in the Innovation Zone and will open trading for LUNA/USDT and LUNA/BUSD trading pairs at 6am UTC on May 31.

Under a measure approved earlier this week, the original blockchain was split off and be known as Terra Classic, while Luna, which plunged close to zero this month, was renamed Luna Classic with the ticker LUNC. The new Terra blockchain won’t include a stablecoin.

Under the recovery plan for the Terra ecosystem, developers said they will create a new Terra blockchain with a revived Luna token. Under Do Kwon’s newly approved structure, the original blockchain will be known as Terra Classic, while its native token Luna, which plunged close to zero this month, will be renamed Luna Classic with the ticker LUNC.

The new Terra blockchain has started running a coin under the existing Luna name and ticker, and does not include the TerraUSD stablecoin. Terra backers will distribute the new Luna token to Luna Classic and UST holders.