Bybit Votes on New Token Listing - And It’s Luna Again

Bybit is letting users vote on whether to list the Luna token. Routine, right? Not quite - the token itself is surprising.

This Luna isn’t what you might think. It’s tied to an AI-powered K-pop virtual performer named Luna. According to the backstory, she was part of the group AI-DOL and has now gone solo, streaming on TikTok 24/7.

K-pop fans are known for their willingness to spend big on merchandise, including virtual goods. If Luna the performer succeeds commercially, and her developers share profits with Luna token holders, buying the token could make sense. Apparently, many agree: the token’s price has surged 28% in the last 24 hours.

But in crypto, the name Luna has a controversial history. The Luna token from the Terra blockchain was once a top-10 cryptocurrency on CoinMarketCap - until its 2022 crash caused billions in losses for investors.

Yet, the creators of this new Luna boldly chose the same name. Usually, projects mimic successful tokens to ride their fame. At Rabbit Swap, we sometimes see clients accidentally sending worthless tokens with names identical to popular cryptocurrencies.

I worry the new Luna may face similar issues. Many probably still hold old Luna tokens from 2022.

The new Luna isn’t available on rabbit.io just yet. But if it gains traction, we’ll list it - and then we’ll have to figure out how to handle this problem.