Overall, the price has dropped 56% since it debuted on the weekend at an opening price of $18.87(R294).
Terra (LUNA) quickly surged 90% overnight to an intraday high of $11.33(R177) ahead of Binance’s airdrop but has subsequently fallen back to roughly $8.26(R129) at the time of writing.
According to CoinGecko data, the climb to $8.26(R129) indicates a 35% gain in the last 24 hours. Overall, the price has dropped 56% since it debuted on the weekend at an opening price of $18.87(R294).
Members of the community shared screenshots of the price surging as high as $12(R187) on the MEXC Global exchange, with Twitter user bull bnb highlighting some surging moments, noting that the price increased by around $2.00(R31.19) in 30 minutes.
Binance is one of several exchanges assisting in the relaunch of the Terra ecosystem, and it is slated to conduct a multi-year airdrop campaign to eligible users beginning Tuesday at 6:00 a.m. UTC, as well as open the token for trading.
While the project intends to re-establish itself under Do Kwon’s resuscitation plan, observers expect that the price will fall much further after the Binance drop goes live
Numerous investors have resorted to Twitter to express their displeasure with Terra’s previous airdrops, with Twitter user cryptocevo posting on Monday:
“Lost 50k(R780K) on $LUNA and got an airdrop of $112(R1 747) Prefer the complete rug. That small airdrop is like extra needle salt in the wound.”
Earlier today, the verified terra money Twitter account admitted that there have been challenges with airdropping thus far and promised that a solution would be found soon.
“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” the tweet said.