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DeFi and Credit Risk

Prior to Binance's airdrop, the price of LUNA soared by about 90% overnight to an intraday high of $11.33, but has subsequently dipped down to around $8.26 at the time of writing.

According to CoinGecko data, the current price of $8.26 marks a 35 percent increase in the last 24 hours. However, since releasing on the weekend at a starting price of $18.87, the price has dropped 56%.

Members of the community shared screenshots of the price going as high as $12 on the MEXC Global market, with Twitter user "bull bnb" highlighting a price surge of about $2 in 30 minutes.

Binance is one of several exchanges assisting in the relaunch of the Terra ecosystem, and on May 31 at 6:00 a.m. UTC, it will commence a multi-year airdrop campaign for eligible customers, as well as offer the currency up for trading.

While the project seeks to re-establish itself as part of Do Kwon's revival strategy, observers expect that the price will fall even further after the Binance drop goes live.

Several investors have gone to Twitter to express their dissatisfaction with Terra's previous airdrops, with "cryptocevo" posting on May 30 that:

"I lost 50k on $LUNA and received a $112 airdrop. I'd rather have the whole rug." "That extra needle salt in the wound is that little airdrop."

The verified "terra money" Twitter account stated earlier today that there had been challenges with the airdropping so far and promised to find a solution as soon as possible.

"We're aware that some people received less $LUNA than planned from the airdrop, and we're working on a solution." "We will share further details once we have acquired all of the data," the message read.