After an epic collapse that wiped out tens of billions of dollars in investments, the Luna cryptocurrency project is back in a new form. Luna 2.0 officially launched on Saturday and immediately sank like a lead ballon—its value dropping more than 70 percent—according to CoinMarketCap. So what is this digital Hindenburg? LUNA is a token affiliated with the Terra blockchain, which has been regarded for its so-called “stablecoin” offerings: cryptocurrencies whose assets are intended to be less volatile by pegging their value to the U.S. dollar or other assets. All that fell apart last week at Terra, and Luna’s value quickly tanked to almost zero. Holders of the old version of Luna were supposedly sent new versions of the coin in advance of the relaunch, but numerous commenters on the company’s Twitter page complained otherwise. Our best wishes to the #LUNAtic community.
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