The price of Terra (LUNA) briefly spiked around 90% overnight to an intraday high of $11.33 ahead of Binance’s airdrop but has since dropped back to around $8.26 at the time of writing.
At current prices, as per CoinGecko data, the increase to $8.26 represents a 35% gain over the past 24 hours. Overall, however, the price has tanked 56% since launching on the weekend at an opening price of $18.87.
Members of the community posted screenshots of the price jumping as high as $12 on the MEXC Global exchange, with Twitter user bull_bnb highlighting some surging moments as they noted that the price jumped by around $2.00 in the space of 30 minutes.
In 30 minutes you apes pumped it 2 more dollars am loving it I love you do Con. @crypto_bitlord7 you should've nought with me bro this new $luna on fire https://t.co/Y9n6HT2mY6 pic.twitter.com/s2TJRYrl4J
— Bull of Binance Street (@bull_bnb) May 30, 2022
Binance is one of several exchanges aiding the relaunch of the Terra ecosystem and is set to launch a multi-year airdrop campaign to eligible users from Tuesdat at 6:00 am UTC, along with opening the token up for trading.
While the project aims to re-establish itself under Do Kwon’s revival plan, onlookers in the short term have predicted the price will tumble further once the Binance drop goes live.
Related: Luna Classic (LUNC) pricing error leads to Mirror Protocol exploit
Numerous investors have taken to Twitter to vent their anger over other lackluster airdrops from Terra so far, with Twitter user cryptocevo tweeting on Monday that:
“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.”
Earlier today, the verified terra_money Twitter account acknowledged there have been issues with the airdropping so far and vowed to find a solution shortly.
“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,” the tweet read.
Attention $LUNA airdrop recipients
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.
— Terra Powered by LUNA (@terra_money) May 30, 2022