After crashing the crypto market, Terra returns with Luna 2.0. It's already tanking again.

The crash of Terra, a stable coin, caused the whole market to fall.

The founder of the company has not given up. The new version of Luna was supposed to help keep the stable coin pegged to $1.

Luna 2.0, as it is being called, is already tanking.

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Yesterday, we said Terra 2.0 is coming. The Terra developer account said on Friday that the chain would arrive tomorrow. Terra is expected to go live on May 28th, 2022.

Luna 2.0 hit a high of nearly $20. It is currently worth around $5.50, a 75% drop.

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Terra was going to give Luna 2.0 token to the holders of the old blockchain along with the launch of the new one.

An airdrop is when an investor gets a token as a result of their holdings. Terra decided to give away free Luna 2.0 to holders of the previous iteration as a way to make up for some of their losses.

Many investors lost their life savings in Terra and Luna after the crash. Terra is now worth less than a dollar. Luna, which hit an all-time high of $104 just this past March, is now worth fractions of a penny.

Some of the investors who lost money and were airdropped the new Luna 2.0 token seem to have sold off some of their holdings in order to recover some of their losses.

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Luna 2.0 is in the $5 range. Some legitimate Terra and Luna holders are reporting that they were able to recover a percentage of their original investment. The new project from Do Kwon and the rest of the team behind the failures of the old Terra and Luna has some distrust from previous holders.