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HomeCryptocurrencyHere’s Why Terra (LUNA 2.0) Rallied 100% After a Shaky Launch

Here’s Why Terra (LUNA 2.0) Rallied 100% After a Shaky Launch

After the launch of the new Terra blockchain, the new token codenamed LUNA 2.0 opened as high as $30 on Bybit, but soon experienced about 80% fall to settle at around $6.

However, the past 24 hours have been positive for LUNA. The new digital currency has surged up to 100% to retest the $11.50 price level, from about $6.

At the time of filing this report, Terra (LUNA) is trading at $9.09, with about a 40% price upsurge in the last 24 hours, according to CoinMarketCap.

Read Also: Man Commits Suicide After His $2 Million Invested In Terra (LUNA) Crashed To $1,000

Here’s Why Terra (LUNA 2.0) Rallied 100% After Shaky Launch
Source: CoinMarketCap

What Triggered Terra (LUNA) Resurgence?

Terra (LUNA) was triggered for a huge upward trend after the Terra team announced on Twitter that it’s working to fix issues associated with the token airdrop.

The announcement came about in response to several complaints received from Terra Classic (LUNC) holders who received fewer LUNA tokens from the airdrop than they were due.

Terra team tweeted, “Attention LUNA airdrop recipients. 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.”

Data are now being collected to get around the issue with the airdrop distribution, according to the team of developers behind the project.

Read Also: Ethereum’s Vitalik Buterin Slams Terra: No Genuine Investment Can Promise 20% Returns Per Year

Binance LUNA Listing and Airdrop Completion Also Aided the Rally

The price of Terra (LUNA) also reacted positively to the announcement about Binance listing the new digital token and the completion of the token’s airdrop distribution to the concerned users of the trading platform.

A couple of hours ago, Binance announced that deposits of Terra (LUNA) tokens have been opened and airdrop distribution to its users is now complete.

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Aside from Binance, a number of other major exchanges have also promised to support the newly launched token.

It should be noted that Binance, the largest crypto exchange by trading volume, will open withdrawals on the 1st of June 2022, at 6 AM UTC, according to the announcement.


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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