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Terra LUNA 2.0 The price drops by over 60% hours after Airdrop

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

LUNA airdrop goes live

In an effort to revive Terra, DO Kwon, the founder and the community prepared some suggestions. By many, the plan to build a new chain called Terra (LUNA) and rename the old one to Tera Classic (LUNC) was approved by the majority. The plan also included airdrop of new tokens among the various categories of holders.

Terra informed that Block 1[ads1] of the new Terra blockchain was produced earlier today. Meanwhile, hours after the launch of the new token, prices have fallen by as much as 60%. According to the data, Terra (LUNA) 2.0 opened between the price level of $ 17- $ 18. The price then jumped to touch the $ 20 price tag.

At the time of going to press, however, Terra’s price dropped to $ 6.30. Trading volume has seen a massive increase of 2408% to stand at 97.5 million dollars. According to Coinmarketcap, the fully diluted market value is around $ 5.95 billion. Meanwhile, the Terra Classic price has almost dropped to zero.

1 billion new tokens to be issued among holders

Terra previously announced that qualified users who will receive LUNA airdrop can check their wallet on the new chain. They must select the Phoenix-1 network in the browser extension. It also mentioned that access to Airdrop is limited to only 1 billion. Of these, 30% will be allocated to the communal pool, 35% will be given to LUNA holders before attack. While AUST holders before attack and LUNA holders after attack will be awarded 10% each. Post-mounted UST holders will receive 15% of the airfall.

Terra added that users can use liquid LUNA by adding them to several things. It can be deployed at the Terra station to earn rewards and to participate in management decisions.

Ashish believes in decentralization and has a strong interest in developing blockchain technology, cryptocurrency ecosystems and NFTs. He aims to create awareness around the growing crypto industry through his authors and analyzes. When he’s not writing, he’s playing video games, watching a thriller movie, or out playing sports. Reach me at [email protected]

The content presented may contain the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.

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