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Was the LUNA Air-Drop an Extra Needle Salt in the Wound? What’s the Fate of LUNA & LUNC Price Ahead?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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May 31, 2022

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Highlights

    The Binance airdrop helped the LUNA price to recover notably, yet the immediate drop may indicate a mass sell-off that dragged the price below $10

    With the huge uncertainty prevailing over the LUNA price, the classic token LUNC is expected to be largely impacted

Terra 2.0 went live a couple of days before, launching a new chain with a new token LUNA, while the old token was rebranded as TerraClassic (LUNA). Despite huge criticisms, Do-Kwon, the founder of Terra went ahead with his proposed revival plan and launched a new chain. It was expected that the influx of liquidity in LUNA may give a good bullish momentum to the LUNC and USTC stablecoin, but it appears that the old tokens are no more dependent on LUNA. 

The launch of Terra 2.0 was supported by multiple exchanges as they carried out the air-drop of new tokens efficiently. However, Binance carried out the airdrop a couple of days later on 30th May. And hence the LUNA price surged significantly by nearly 70% to reach the highs beyond $10. However, soon after the airdrop, the prices fell miserably by nearly 25% and currently trading around $8.

Also Read: Terra 2.0 Launched, Terra Classic(LUNC) Price May Skyrocket Soon Before LUNA: Report

However, as per some reports, the recipients received less LUNA than expected which created a huge disappointment among the traders. One popular analyst shared his story with his 101.4K followers of receiving only $112 worth of LUNA after a loss of $50,000.

On the other hand, as Coinpedia predicted earlier, traders may just let off their air-dropped LUNA holding as they get, it appears to have been realistic now. A popular analyst Lark Davis says that he has sold all his LUNA received from air-drop. 

The trading volume of LUNA since the Binance airdrop gradually increased from around $146.35 million to $437.16 million, where-in the asset registered the daily highs at $11.97. Further, the price began depleting while the volume kept on surging to reach the current levels at $557.65 million, while prices depleted to $8.32 at the press time. 

Therefore, the assumption of the trader’s unhappiness over the recent event emerges. Moreover, if the rounds of Do-Kwon building a new stablecoin on the new chain Terra without solving the UST issue, it may further shake the entire Terra ecosystem in the upcoming days. 

Also Read: After a 25% Drop Since the Re-Birth of Terra 2.0, This is What You Can Expect from LUNA & LUNC Price

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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