Wednesday, June 12, 2024

LUNA surges briefly around 90% then settles for $8.

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.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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