Terra LUNA 2.0 Price Falls By Over 60% Hours After Airdrop

Terra LUNA

The month of May that began with the collapse of Terra’s LUNA 2.0 and TerraUSD (UST) is finally coming to an end with the Terra Airdrop. However, the new rebranded Terra prices saw a massive drop after only a few hours of airing.

LUNA airdrop is live

In an effort to revive Terra, DO Kwon, the founder and the community have come up with some proposals. Among many others, the plan to build a new channel called Terra (LUNA) and rebrand the old one as Tera Classic (LUC) passed with a majority. The plan also included the airdrop of new tokens among the different categories of holders.

Terra informed that block 1 of the new Terra blockchain was produced earlier today. Meanwhile, within hours of the new token’s launch, its prices dropped by 60%. According to the data, Terra (LUNA) 2.0 opened between the price level of $17 and $18. The price then surged to touch the price of $20.

However, at press time, Terra’s price has dropped to $6.30. Its trading volume saw a massive increase of 2408% to $97.5 million. According to Coinmarketcap, its fully diluted market capitalization is approximately $5.95 billion. Meanwhile, the price of Terra Classic has almost dropped to zero.

1 billion new tokens to be issued between holders

Earlier, Terra announced that eligible users who will benefit from the LUNA airdrop can verify their wallets on the new channel. They must select the Phoenix-1 network in their browser extension. He also mentioned that the Airdrop supply is limited to 1 billion only. Of which 30% will be allocated to the community pool, 35% will be given to LUNA holders before the attack. Whereas AUST holders before the attack and LUNA holders after the attack will be awarded 10% each. Post attached UST holders will receive 15% of the airdrop.

Terra added that users can use their liquid LUNA by putting it in several things. It can be staked on Terra Station to earn rewards and participate in governance decisions.

Ashish believes in decentralization and has a keen interest in the evolution of Blockchain technology, the cryptocurrency ecosystem, and NFTs. He aims to raise awareness of the growing crypto industry through his writing and analysis. When he’s not writing, he’s playing video games, watching thrillers, or playing sports outdoors. Contact me at [email protected]

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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