The price of LUNA 2 skyrocketed by 90% before the Binance airdrop

Prior to the Binance airdrop, LUNA’s price surged roughly 90% at one point, reaching an intraday high of $11.33, but then fell back to around $8.26 at the time of writing.

At current prices, LUNA is up to $8.26, up 35% over the past 24 hours, according to data from CoinGecko. Overall, though, it's down 56% since opening at $18.87 at the end of last week.

Community members posted screenshots of the LUNA price on the MEXC Global exchange surging to $12, with Twitter user "bull_bnb" highlighting some of the moments of the spike, noting that the LUNA price rose by about $2 in 30 minutes.

Binance is one of several exchanges helping to relaunch the Terra ecosystem, and will launch a multi-year airdrop to qualified users starting May 31 at 6AM UTC, while opening token trading.

While the project aims to rebuild the project under Do Kwon's revival plan, onlookers in the short-term predict further price drops once Binance's drop takes effect.

Many investors took to Twitter to vent their anger at the lackluster performance of other airdrops from Terra so far, with “cryptocevo” tweeting on May 30:

“LUNA lost $50k and airdropped $112, not as good as a full rug-pull. This little airdrop is like adding extra salt to the wound.”

Earlier today, the verified "terra_money" Twitter account acknowledged that there is currently a problem with the airdrop and promised that a fix will be found soon.

“We are aware that some people have received less LUNA from the airdrop than expected and are actively looking for a solution. More information will be available when we have all the data, so stay tuned.”