LUNA 2 price jumps 90% ahead of big Binance airdrop

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The price of LUNA briefly spiked around 90% overnight to an intraday high of $11.33 ahead of Binance’s airdrop, but has since dropped back to around $8.26 at the time of writing.

At current prices, as per CoinGecko data, the increase to $8.26 represents a 35% gain over the past 24 hours. Overall, however, the price has tanked 56% since launching on the weekend at an opening price of $18.87.

Members of the community posted screenshots of the price jumping as high as $12 on the MEXC Global exchange, with Twitter user “bull_bnb” highlighting some surging moment as they noted that the price jumped by around $2 in the space of 30 minutes.

Binance is one of several exchanges aiding the relaunch of the Terra ecosystem, and is set to launch 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 Do Kwon’s revival plan, onlookers in the short term have predicted the price will tumble further once the Binance drop goes live.

Related: Luna Classic (LUNC) pricing error leads to Mirror Protocol exploit

Numerous investors have taken to Twitter to vent their anger over other lackluster airdrops from Terra so far, with “cryptocevo” tweeting on May 30 that:

“Lost 50k on $LUNA and got an airdrop of $112 Prefer the complete rug. That small airdrop is like extra needle salt in the wound.”

Earlier today, the verified “terra_money” Twitter account acknowledged there have been issues with the airdropping so far and vowed to find a solution shortly.

“We are aware that some have received less $LUNA from the airdrop than expected & are actively working on a solution. More information will be provided when we have gathered all of the data, so stay tuned,” the tweet read.