LUNA 2.0 Trading Volume Surpassed $2 Billion in May

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In Brief
  • LUNA 2.0 began its trading journey in the last days of May.

  • Trading volume was below $5 billion.

  • LUNA 2.0 had a combined trading volume of $2.5 billion in May 2022.

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LUNA 2.0 saw huge investor interest in May after the revival of the Terra project, which saw the old digital currency and its network rebranded to Terra Classic (LUNC).

LUNA 2.0 trended in the last days of May and continues to trend in the first week of June due to several cryptocurrency exchanges throwing their support behind the survival of the native asset of the new Terra ecosystem. According to Be[In]Crypto Research, the trading volume recorded for LUNA 2.0 was in the region of $2.48 billion (May 28 to 31). 

Source: LUNA 2.0 Historical Data by CoinMarketCap

Although this figure may seem small due to the trading volumes of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and Binance Coin (BNB), it was $1.74 billion more than Terra Classic (LUNC) trading volume within the same period. In the last four days of May, LUNC had a combined trading volume of approximately $741.86 million.

Source: LUNC Historical Data by CoinMarketCap

What caused the spike in LUNA 2.0 volume? 

The support of several mainstream cryptocurrency exchanges during the revival of the Terra project is largely responsible for the soaring trading volume of LUNA 2.0. 

HitBTC announced that from May 28, new spot pairs LUNA/BTC, LUNA/ETH, and LUNA/USDT would be available for their users. Despite the reservations, Chief Executive Officer (CEO) of Binance Changpeng Zhao has had on the revival plan of Terra, the exchange was part of the LUNA 2.0 airdrop that took place on May 31. Binance opened trading for LUNA/USDT and LUNA/BUSD in the late morning hours of May 31. Crypto.com also supported the New LUNA token airdrop for existing holders. 

Aside from the aforementioned exchanges, LUNA 2.0 can be accessed on Bitget, CoinEx, LBank, Bibox, MEXC Global, Bybit, Huobi Global, OKX, Kucoin, and Gate.io. 

LUNA 2.0 price performance 

LUNA 2.0 opened on May 28, 2022, with a trading price of $18.98, reached a monthly high of $19.54 on the same day, and tested a monthly low of $4.85 on May 29. LUNA 2.0 ended May with a trading price of $8.88. Overall, this equates to a 53% dip in the opening and closing price of the coin.  

Source: LUNA 2.0/USD Chart by CoinMarketCap

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As a writer, researcher, and analyst of centralized and decentralized financial instruments (stocks, commodities, metals, and cryptocurrencies), he started experimenting with financial asset trading in 2011. He ventured into full-time long term investing of cryptocurrencies in 2016.

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