New LUNA Token Sees a 50% Surge Following Binance’s Luna Airdrop

Binance’s LUNA airdrop for LUNC and USTC holders was completed on May 31.

Terra’s new LUNA coin appears to be gaining traction in the market after a difficult launch weekend. Binance distributed its first batch of airdrops to LUNC and USTC holders. This pushed LUNA to a 53% gain today.

Terra started the LUNA token with an airdrop when its new blockchain went online on May 28, and after briefly reaching $18 on certain platforms, it plunged below $5 and was hovering between $5 and $10.

While several crypto exchanges, notably Bybit and OKC, were quick to support the new LUNA coin on its first day, Binance chose to wait. It was reported early Tuesday that the first part of the airdrop had been finished and that withdrawals would begin on Wednesday.

Terra’s fresh blockchain and token launch is an attempt to keep the blockchain network from disappearing after its spectacular wipeout earlier this month.

For instance, Terra lost almost $40 billion in value as its UST stablecoin depegged, sending LUNA tumbling to near-zero value in a week that was called one of the worst in crypto history. Terra investors saw their assets vanish in a matter of days, and the events had repercussions throughout the industry, as Tether’s USDT momentarily depegged and Bitcoin fell below $30,000.

LUNA is presently trading at around $8.89, up 44% on the day, according to CoinMarketCap data.