Saturday, July 2, 2022

Terra (LUNA) 2.0 Price Skyrockets 90% After Major Binance Airdrop

The Takeaway:

Following the launch of Terra LUNA 2.0, its price plummeted almost 70% to nearly $5.71. But now things are changing for LUNA 2.0.

The price of Terra LUNA 2.0 skyrocketed by approximately 90% overnight to highs of $11.33 ahead of the major airdrop on crypto exchange platform Binance. However, the price of LUNA 2.0 has since plummeted to around $9.60 at the time of this writing.

In terms of current performance, according to CoinGecko data, the increase to $9.60 represents a 50.13% gain over the last 24 hours. However, the price of LUNA 2.0 has plunged 56% since launching last Saturday at an opening price of $18.87. The members of the crypto community took to Twitter to share screenshots of the price jumping as high as $12 on the MEXC Global exchange. A Twitter user with the username bull_bnb highlighted some surging moments as they witnessed the sudden jump in price within 30 minutes.

Several cryptocurrency exchanges have extended support for LUNA 2.0, with the majority of them listing the new token on their platforms. However, Binance is planning to launch a multi-year airdrop program to select users, alongside opening the token up for trading.

While the relaunch is part of Do Kwon’s revival plan, a few investors state the price will crash even more once the Binance drop goes live. Crypto investor and influencer Lark Davis took to Twitter to announce that he doesn’t plan on putting his money in LUNA 2.0 tokens, and will instead invest in something that gives higher returns on Binance. Meanwhile, investors who have invested previously in Anchor Protocol token (aUST) said they would rather cash out as they believe it has no future.

A lot of investors took to Twitter to express their anger over other lackluster airdrops from Terraform labs until now, with a Twitter user called cryptocevo saying on Monday that, “Lost 50K on LUNA 2.0 and got an airdrop of $112. I prefer the complete rug. The current airdrop is like the extra salt in the wound.”

Earlier today, the verified Twitter account called terra_money acknowledged there have been several issues with the airdropping so far and promised to come up with a solution soon.

The tweet stated, “We are aware that a few investors have received less $LUNA from the airdrop than expected and we are actively working to find a solution. More updates will be provided when we have collected all the information, so stay tuned.”

 

Lucky User Makes $800,000 Due to Anchor Protocol Bug

It’s been only a couple of days the launch of since Terra (LUNA) 2.0, and a user already took the opportunity to cash out a whopping $800,000 because of an Anchor Protocol bug.

The user exploited the Anchor Protocol bug when the price of $LUNA stood at $5 — although the token wasn’t worth anything close to it. The person found out about the vulnerability and invested around 20 million Lido Bonded LUNA tokens, which the exchange valued at $100 million by mistake. Even though the money invested should’ve been worth only $200,000, the user found the bug and took a loan of around 40 million UST. Before the developers at Terra could take a measure and fix the issue, the user withdrew the UST for $800,000. However, by the time other investors discovered the vulnerability, it’d already been fixed by the Terra developers. Users who tried to cash out some easy funds soon faced an error.

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

David Hayes
David Hayes
David got to know about bitcoin back in 2012 and has never looked back since, writing and exploring about cryptocurrencies or blockchain technology. He used to write for his own blog before joining ChainTimes as a writer and market research executive in 2017.

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