Thursday, December 8, 2022

LUNA 2 Soars In Value By 90% Ahead Of Binance Airdrop

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LUNA 2 soars in value by 90% after the announcement of the Binance airdrop but overall, the price tanked 56% since launching on the weekend so let’s have a closer look at today’s latest altcoin news.

The price of LUNA 2 soars 90% overnight to an intraday high of $11.33 before the Binance airdrop but then dropped back to around $8.26 at the time of writing. At current prices, the increase to $8.26, represents a 35% gain over the past 24 hours but the price tanked 56% since launching on the weekend at the opening price of $18.87.

The members of the community posted screenshots of the price surging to $12 on the MEXC Global exchange with one Twitter user outlining some surging moments as they noted the price surged to around $2.00 in the time span of 30 minutes. Binance is one of the few exchanges that aided the launch of the Terra ecosystem and is set to launch a multi-year airdrop campaign for eligible users from Tuesday along with opening up the token for trading. While the project aims to re-establish itself under Do Kwon’s revival plan, the onlookers predicted the price will drop before the Binance drop goes live.

Plenty of investors took it to Twitter to vent their anger over other airdrops from terra with one user tweeting:

“Lost 50k on $LUNA and got an airdrop of $112 Prefer the complete rug. That small airdrop is like extra needle salt in the wound.”

Another Twitter user noted that there were a few issues with the airdrop so far and vowed to find a solution:

“We are aware that some have received less $LUNA from the airdrop than expected & are actively working on a solution. More information will be provided when we have gathered all of the data, so stay tuned.”

As recently reported, The price of LUNA tanked by 70% since the re-launch of the terra ecosystem and with the revival plan of tErraform Labs founder Do Kwon, the new Luna tokens referred to as Luna 2 were airdropped to investors which held LUNA classic, TerraUSD Classic, and Anchor Protocol UST. As per the data from CoinGecko, the LUNA token was airdropped by 69% since the opening of $18.87 and sits around $5.71 at the time of writing but Investors dump on Terra as it seems. At this stage, the biggest drop seems to suggest a lack of faith in Do Kwo’s revamp with most investors indicating that they are looking to recover a smaller portion of their lost capital and wipe their hands clean off the project.

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