After a rocky launch, Terra’s LUNA 2.0 token has soared in value in the last 24 hours. This is after the blockchain announced that it will correct some lapses in its recent airdrop.
LUNA soared as much as 100% to reach an intraday high of $11.97. According to data from Coinmarketcap.com, the token is presently trading at $8.57, up 40% in the last 24 hours.
Terra said on its official Twitter account that it is actively working to ensure that its latest airdrop is distributed accurately, which caused the token’s surge.
The move comes after numerous holders complained that they didn’t get as much LUNA as they were due from the airdrop.
Additionally, Binance is also planning to launch LUNA trading later in the day, while also releasing airdrop for its customers.
Terra gathers information for an airdrop correction
The blockchain stated it is presently gathering data to correct its airdrop that took place on May 28. The airdrop coincided with the launch of Terra 2.0.
Terra took two snapshots for the airdrop of the holders before the crash and one afterward. Holders from before the crash received a larger share of LUNA, with initial liquidity dispersed evenly to maintain price stability. Pre-crash holders received around 35% of the total tokens.
More tokens will be released for holders over the next two years.
Binance and other major exchanges vow to support LUNA 2.0
Most major exchanges, including Binance, have vowed to support the new token. Later in the day, the world’s largest crypto exchange will allow LUNA trading.
Binance is also planning to release the airdrop to its users, a move that could potentially flood the market with more tokens and hit LUNA prices.
For the time being, the exchange is treating LUNA to be a high-risk, high-volatility asset.
LUNA has logged wide price fluctuations since its launch last week. The token lost more than 60% of its value in the first few hours of trade.
The token is still trading considerably below a lifetime high of roughly $19.53 despite its huge rally since yesterday.