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

Jun 01, 2022 04:20AM ET

By: AnalysisWatch

LUNA's price rose 90% overnight to an intraday high of $11.33 shortly before falling on Binance, but then fell to $8.26 at the time of writing.

According to CoinGecko, at current prices, the rise to US $8.26 is 35% in the last 24 hours. Overall, however, the price has fallen 56% since launching over the weekend to an initial price of US $18.87.

Community members posted screenshots showing price spikes of up to US $12 on the MEXC Global exchange, and Twitter user Bull_bnb highlighted some of the fastest rising moments, noting that prices jumped by about US $2 in 30 minutes.

The Binance Exchange is one of several exchanges helping to rebuild the Terra ecosystem, and a multi-year airdrop campaign for eligible users will begin at 02:00 AM ET on Tuesday with the start of token trading.

While the project is looking to rebuild itself as part of the Do Kwon recovery plan, observers expect prices to fall further in the short term following the launch of the drop on Binance.

Earlier today, verified Twitter account terra_money acknowledged that there had been problems with previous drops and promised to find a solution soon.

"We are aware that some people received less LUNAF than expected from airdrop and are actively working on a solution," he said. "We will provide more information as we gather all the data, so stay tuned," the tweet reads.