Title: LUNA 2 price jumps 90% ahead of big Binance airdrop

May 31, 2022 04:00AM ET

By: AnalysisWatch

Terra (LUNA) briefly rose 90% overnight to an intraday high of $11.33 before Binance's airdrop, but has since fallen back to around $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 last 24 hours. Overall, however, the price has fallen 56% since it launched over the weekend with an opening price of $18.87.

Community members have posted screenshots showing the price jumping as low as $12 on the MEXC Global exchange. Twitter user bull_bnb highlighted a few moments of the rise, noting that the price increased by about $2.00 in 30 minutes.

The BinanceExchange is one of several exchanges supporting the relaunch of the Terra ecosystem and will launch a multi-year airdrop campaign for eligible users on Tuesday at 6:00 a.m. UTC, opening the token for trading.

While the project aims to re-establish itself as part of Do Kwon's revitalization plan, observers have predicted in the short term that the price will drop further once the Binance drop goes live.

Terra_moneyThe verified Twitter account acknowledged today that there have been problems with airdropping so far and promised to find a solution soon.