LUNA 2 price jumps 90% ahead of Binance airdrop

The price of Terra (LUNA) briefly surged around 90% overnight to an intraday high of $11.33 prior to the Binance airdrop, but has retreated to around $8.26 at the time of writing.

At current prices, a rise to $8.26 represents a 35% gain over the past 24 hours, according to CoinGecko. Overall, however, prices have fallen 56% since the weekend’s opening price of $18.87.

Community members posted screenshots of the price surging to $12 on the MEXC Global exchange, with Twitter user Bull_bnb highlighting some of the spikes as they pointed to a price increase of around $2.00 in 30 minutes.

Binance is helping Rebooting the Terra Ecosystem It will launch a multi-year airdrop campaign to eligible users starting Tuesday at 6:00am UTC on Tuesday, while opening the token for trading.

Although the project aims to Right to Restoration Programthe onlookers predict in the short term Prices will fall further Once Binance drop goes live.

related: Luna Classic (LUNC) Pricing Mistake Leads to Mirror Protocol Vulnerability

Many investors have taken to Twitter to vent their anger at Terra’s other lackluster airdrops so far, with Twitter user cryptocevo tweeting on Monday:

“Losed $50k on $LUNA and got a $112 airdrop. Prefer the full rug. That little airdrop is like extra needle salt in the wound.”

Earlier today, the verified terra_money Twitter account acknowledged the problems with the airdrop so far and vowed to find a solution soon.

“We know that some people have received less LUNA dollars from the airdrop than expected and are actively working on a solution. More information will be provided as we gather all the data, so stay tuned,” the tweet read.