New Terra LUNA Opens as High as $30 on Bybit, then Crashes by 80%, Making Binance to Take Caution

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New Terra LUNA Opens as High as $30 on Bybit

The highly anticipated Terra LUNA coin trading from the new Terra blockchain is now trading on some exchanges and opened as high as $30 on Bybit. However, on the same exchange, the digital asset soon plummeted by roughly 89% to $3.5, then bounced back to settle around $6, which is still an 80% drop from its local high.

The chart below, courtesy of Bybit.com, further provides a visual cue of the ongoing volatility surrounding the new LUNA.

New LUNA 800x450 1
Volatility surrounding the new Terra LUNA coin. Source, Bybit.com

Consequently, the volatility witnessed by the new Terra (LUNA) digital asset has led Binance to announce that it will be listing it in the innovation zone. Additionally, the trading of LUNA/USDT and LUNA/BUSD trading pairs will be delayed till May 31st at 6 am UTC.

What Is Binance Innovation Zone?

The Binance Innovation Zone is a dedicated trading zone where users are able to trade new tokens that may have increased volatility and pose a higher risk than other tokens.

Before Binance users can trade digital assets in the innovation zone, they are ‘required to visit the web version of the Innovation Zone trading page to carefully read the Binance Terms of Use and complete a questionnaire as part of the Initial Disclaimer.’

Terra LUNA 2.0 Launched Earlier Today with its Mainnet of Phoenix 1 Going Live

Also, today, May 28th, the new chain of Terra (LUNA) was launched by the team at 6 am UTC. The team at Terra also announced that the new blockchain would have a Chain_id of ‘Phoenix 1’.

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The team announced the launch of the new Terra chain through the following tweet.

Similarly, Do Kwon notified the Terra Community of the new chain stating that the ‘Pheonix-1 mainnet is now live and producing blocks – public node services, wallets, and explorers should be going live shortly.