LUNA momentarily rose around 90% overnight to an intraday high of $11.33 ahead of Binance’s airdrop, but has dropped back to around $8.26.
At current prices the increase to $8.26 represents a 35% gain over the past 24 hours. However, the price has dropped 56% since launching on the weekend at an opening price of $18.87.
Binance is one of several exchanges supporting the relaunch of the Terra ecosystem, and launched a multi-year airdrop campaign to eligible users from May 31 at 06:00 am UTC, along with opening the token up for trading.
While the project aims to re-establish itself under Co founder Do Kwon’s revival plan, observers in the short term have predicted the price will tumble further once the Binance drop goes live.
Many investors have taken to Twitter to vent their anger over other lackluster airdrops from Terra so far. Earlier today, the verified “terra_money” Twitter account acknowledged there have been issues with the airdropping so far and promised to find a solution shortly.
