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

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

LUNA airdrop goes live

In a bid to revive Terra, DO Kwon, the founder and community worked out a few proposals. Out of many, the plan to build a new chain called Terra (LUNA) and rename the old one to Tera Classic (LUNC) was passed by the 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, hours after the launch of the new token, its prices have dropped by a whopping 60%. As per the data, Terra (LUNA) 2.0 opened between the price level of $17-$18. The price then jumped to touch the price $20 price mark.

However, at the press time, Terra’s price dropped to $6.30. Its trading volume has seen a massive surge of 2408% to stand at $97.5 million. According to the Coinmarketcap, its fully diluted market cap stands around $5.95 billion. Meanwhile, the Terra Classic price has almost reduced to stand at zero.

1 billion new tokens to be issued among holders

Earlier, Terra announced that eligible users who’ll be getting LUNA airdrop can check their wallets on the new Chain. They need to select the Phoenix-1 network in their browser extension. It also mentioned that the supply of the Airdrop is limited to 1 billion only. Out of which 30% will be allotted to the community pool, 35% will be given to pre attack LUNA holders. While pre attack aUST holders and post attack LUNA holders will be assigned 10% each. Post attach UST holders will get 15% of the airdrop.

Terra added that users can utilise their liquid LUNA by putting them in multiple things. It can be staked on the Terra station to earn rewards and to participate in governance decisions.