Terra LUNA 2.0 Price Surge By 100% From It’s All Time Low! Here Is Why

Published by

Sohrab Khawas

May 31, 2022

Terra’s LUNA 2.0 price has soared in value in the last 24 hours after Terra announced that it will correct several flaws in its recent airdrop.

From a low of $5.86, LUNA soared as much as 100% to an intraday high of $11.97. However, according to statistics from Coinmarketcap.com, the coin is presently trading at $8.58, up 40% in the last 24 hours.

On its official Twitter account, Terra states that it is actively working to ensure that its latest airdrop is distributed accurately, which caused the token’s surge.

The change comes after numerous holders complained that they didn’t get as much LUNA as they expected from the airdrop. Binance is also planning to begin LUNA trading later in the day, as well as the airdrop for its customers.

Two Snapshots For Airdrop

The blockchain stated it is presently gathering data in order to correct an airdrop that took place on May 28. The airdrop was timed to coincide with the release of Terra 2.0.

For the airdrop, Terra took two photos: one of the holders before the impact and one later. Prior to the crisis, holders got a larger portion of LUNA, with initial liquidity shared evenly to maintain price stability. Holders of tokens before the crash got around 35% of the total. In the next two years more tokens are said to be given to holders.

Binance To Support LUNA 2.0

Most major exchanges, including Binance, have pledged to support the new cryptocurrency. Later in the day, Binance will allow LUNA trading.

Binance is also planning to distribute the airdrop to its users, potentially flooding the market with additional tokens and driving down LUNA prices. Since its inception last week, the price of LUNA has fluctuated dramatically. For the first few hours of trading, the token lost more than 60% of its value.

The coin is still trading considerably below its all-time high of roughly $19.53 despite its huge rally since yesterday.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.