Terra Luna 2.0 Recovers Over 100% In 24 Hours, Here’s The Reason

Terra’s LUNA 2.0 token rallied sharply in the last 24 hours after the blockchain said it will rectify certain shortfalls in its recent airdrop.

LUNA spiked as much as 100% to reach an intraday high of  $11.97, from a low of $5.86. The token is now trading at $8.57- up 40% in the past 24 hours, according to data from Coinmarketcap.com.

The token’s rally was triggered just after Terra said on its official Twitter handle that it is actively working towards ensuring its recent airdrop is correctly distributed.

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The move is in response to several holders complaining that they received less LUNA from the airdrop than they were due.

The move is in response to several holders complaining that they received less LUNA from the airdrop than they were due.

More also, Binance is set to release trading in LUNA later in the day, while also releasing the airdrop for its users.

Terra collecting data for airdrop fix

The blockchain said it is now collecting data to rectify its airdrop, which occurred on May 28th. The airdrop coincided with the launch of Terra 2.0.

Terra took two snapshots for the airdrop – one of the holders from before its crash, and one of after. Holders before the crash received a bigger share of LUNA, with initial liquidity distributed evenly to ensure price stability. Pre-crash holders received about 35% of the total tokens.

More tokens will also be unlocked for holders over the next two years.

Binance and other major exchanges support LUNA 2.0

Binance, along with most other major exchanges has vowed to support the new token. The world’s largest crypto exchange will enable trading in LUNA later in the day.

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Binance is also set to release airdrop to its users – a move that could flood the market with more tokens and hit LUNA prices.

The exchange is for now treating LUNA as a high-risk, high-volatility asset.

LUNA has logged wide price swings since its launch last week. The token slumped over 60% in its first few hours of trade. Even with its large bounce since yesterday, the token is still trading well below a lifetime high of about $19.53.

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