Binance is set to launch its airdrops on May 31 at 05:30 AM (UTC).
On May 30, the price of LUNA significantly rose about 90% overnight to a high of $11.33 but plunged back to $8.49. Interestingly enough, the massive spike occurred after Binance, the world’s largest cryptocurrency exchange in terms of daily trading volume of crypto, announced that it would launch its multi-year airdrop on Tuesday.
The trading platform Binance also stated that it would list Terra 2.0 on its Innovation Zone, a specialized trading zone where users may exchange new and unique tokens that are expected to have more volatility and entail a larger risk than other tokens.
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Moreover, a number of Twitter users shared on LUNA's price jumps. For instance, one member dubbed “Bull of Binance Street” stated that the price even spiked as high as $12 on the MEXC Global Exchange, a centralized exchange that provides a platform for trading various cryptocurrencies.
Binance is also assisting Terra in its relaunch. For instance, the platform implied that Terra 2.0 would be distributed to all eligible USTC or LUNC holders based on the proposed ratio, where withdrawals and deposits for the token will be initiated on May 31 at 05:30 AM (UTC).
On top of that, a number of traders have shared their anger about Luna’s previous airdrops. For example, one Twitter user implied that he “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.” Terra commented on such a situation and recently tweeted:
Terraform Labs announced the launch of the brand new LUNA token back on May 25. It stated that it would replace the old Terra Classic (LUNC) chain with the new Terra (LUNA) chain.
