The LUNA 2.0 chain went live on May 28, at 6 am UTC, as millions of wallets received an airdrop of the new token. The genesis chain started trading on ByBit at 8 am UTC. The price was at $0.30 before it went up to $30 in the first 30 minutes of trading. The price plunged to just $5.30 in the following 3 hours, but the high was short-lived.
At the time of writing, LUNA 2.0 is not available on other major exchanges, such as Binance, with the exchanges still working on processing the airdrop of token to their users. It reached a high of $18, while the volatility was considerably lower on KuCoin, with a high of just $7.4. ByBit has seen the highest volatility due to the fact that it listed the token ahead of many of its competitors.
The price stabilized around the $6 -- $7 price mark for several hours but is currently trending down, with the price at the time of press just $5.70. After the catastrophic events in the past few weeks, the selling pressure on the new chain is unsurprisingly high, as many investors are cashing out of the Terra ecosystem. Without the UST stable coin on the new chain, the only use for the LUNA token is in the governance of the ecosystem.
The LUNA blockchain has only been running for six hours, and this is a developing story. Many investors have not yet rexeived their airdrop, so selling pressure could continue as the rest of the token are distributed.