LUNA saw a brief surge of around 90% to an intraday high of $11.33 but dropped down to $8.26. The price gain came just ahead of Binance’s airdrop. The increase to $8.26 shows a 35% gain over the last 24-hours. But the price dropped 56% since the weekend launch at an opening price of $18.87.
Community members shared screenshots of the price jump, one as high as $12 on the MEXC Global exchange, while another showed the price jump by $2 in the space of 30-minutes.
It should be noted that the Binance crypto exchange is supporting the relaunch of the Terra ecosystem. As such, it is set to launch a multi-year airdrop campaign to eligible users from today. The token is up from trading. Binance said the Innovation Zone is a dedicated trading zone where users can trade new tokens that have increased volatility and pose a higher risk than other tokens. The platform highlighted that Terra 2.0 (LUNA) is a new token and may pose a “higher-than-normal risk”. It may be subject to price volatility.
Terra 2.0 seeks to re-establish itself under Do Kwon’s revival plan. But market watchers expect a further price tumble once the Binance drop goes live. A number of investors took to the microblogging platform Twitter to lash out at Do Kwon over other lackluster airdrops from Terra. One investor tweeted that he lost $50,000 on LUNA and got an airdrop of $112. He vented his anger saying that he prefers the complete rug and described the small airdrop as an extra needle salt in the wound.