The price of LUNA briefly spiked about 90% overnight to an intraday high of $11.33 prior to Binance’s airdrop, but has since fallen back to about $8.26 at the time of writing.
At current prices, according to CoinGecko data, the rise to $8.26 represents a 35% gain in the past 24 hours. Overall, though, the price is down 56% since it launched over the weekend at an opening price of $18.87.
Community members posted screenshots of the price hike to $12 on the MEXC Global exchange, with Twitter user “bull_bnb” highlighting a bullish moment as they noted the price rose about $2 in 30 minutes.
In 30 minutes you monkeys pumped it 2 more dollars I love it I love you do Con. @crypto_bitlord7 you shouldn’t have done anything to me bro this new one $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 helping in the relaunch of the Terra ecosystem and will launch a multi-year airdrop campaign for eligible users starting May 31 at 06:00 UTC, along with opening the token for trading.
While the project is looking to restore itself under Do Kwon’s revival plan, near-term onlookers have predicted that the price will fall further once the Binance drop goes live.
Related: Luna Classic (LUNC) Pricing Error Leads to Mirror Protocol Abuse
Numerous investors have taken to Twitter to express their anger at Terra’s other lackluster airdrops thus far, with “cryptocevo” tweeting on May 30 that:
“Lost 50k on $LUNA and got a $112 airdrop. Prefer the full carpet. That little airdrop is like an extra needle of salt in the wound.”
Earlier today, the verified “terra_money” Twitter account acknowledged that there had been issues with the airdropping so far and promised to fix it soon.
“We are aware that some have received less $LUNA from the airdrop than expected and are actively working on a resolution. More information will be provided when all data is collected, so stay tuned,” the tweet reads.
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 collected all data, so stay tuned.
— Terra Powered by LUNA (@terra_money) May 30, 2022