Terra 2.0 rises above $30 on Bybit before dropping by 80%

The much-anticipated LUNA token from the new Terra blockchain is now available for purchase on several exchanges, with prices as high as $30 on Bybit.

However, the digital asset dropped by over 88% - from $30 to $3.5 before rebounding to finish around $6, still an 80% decrease from its previous peak.

The graphic below, courtesy of Bybit.com, shows the continuous volatility surrounding the new LUNA in more detail.

As a result of the new Terra (LUNA) digital asset's volatility, Binance has announced that it will be listed in the innovation zone. Furthermore, trading of the LUNA/USDT and LUNA/BUSD trading pairs will be postponed until May 31st at 6 a.m. UTC.

The Binance Innovation Zone is a "special trading zone where users can trade innovative tokens that may have higher volatility and risk than other tokens," according to the company.

Users must first visit the web version of the Innovation Zone trading website to read the Binance Terms of Use and complete a questionnaire as part of the Initial Disclaimer before trading digital assets in the innovation zone.