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.
In 30 minutes, you ape man pumped another $2, I love it, I love you, do a scam. @crypto_bitlord7 You shouldn’t treat me this new brother $ Luna on fire https://t.co/Y9n6HT2mY6 pic.twitter.com/s2TJRYrl4J
— Binance Street Bull (@bull_bnb) May 30, 2022
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.
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.
attention $ Luna Airdrop recipient
We know some people receive less $ Luna The results obtained from the airdrop exceeded expectations and solutions are being actively researched.
Stay tuned for more information as we collect all the data.
— Terra (@terra_money) powered by LUNA May 30, 2022