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    LUNA 2.0 Rises 97% Ahead of Binance Listing

    Cryptory.net - LUNA 2.0 rallied to $11.3 and even $12 on some exchanges before falling back to around $8.4 at the time of writing.

    After rallying 80% from its debut price of $17.80 on Saturday, investors  seemingly rushed back in to support this new cryptocurrency, pushing the price of Luna 2.0 up 97% from $6.15 to a peak of $11.97 on Monday (even $12 on some exchanges), according to CoinMarketCap. Luna 2.0 maintained bullish momentum for several hours ahead of its launch on the world’s largest cryptocurrency exchange, Binance. After this strong rally, LUNA 2.0 dropped back to around $8.50, up 39.4% over the past 24 hours.

    Binance is one of the exchanges supporting the relaunch of the Terra ecosystem and is set to launch a multi-year airdrop campaign starting at 1pm on May 31 for eligible users. Accordingly, holders of Luna Classic (LUNC), UST Classic (USTC) and aUST will receive new LUNA tokens based on the number of tokens they previously owned. However, many investors predict that the price of LUNA coin will continue to drop when Binance officially launch the airdrop.

    This negative prediction is understandable given that the coin has lost 56% of its value since its launch at $18.87 last weekend. In addition, many users expressed disappointment at  lackluster airdrops from Terra: “Lost 50k on $LUNA and got an airdrop of $112 Prefer the complete rug. That small airdrop is like extra needle salt in the wound”.

    On the morning of May 31, Terra also confirmed that there were some issues with the airdrop and they have been working to fix it as soon as possible.

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