Terra Luna Classic (LUNC) is up over 111% in less than a week after the news of the second Airdrop
The native token of the original Terra blockchain, Luna Classic (LUNC), is surging after a proposal to reward holders of free tokens of its successor blockchain, Terra (LUNA), was passed.
Starting September 2, the Luna Classic rallied slightly more than 111% from $0.000215 to a two-month high of $0.000455.
Luna Classic is trading at $0.000390 at the time of writing.
Proposal to reward Luna Classic holders with free tokens will see over 19.5 million LUNA streamed to users who didn't receive proper allocation earlier this year when Terra 2.0 was released debut. The first airdrop occurs at the end of May.
Eligible users will have one month to participate in the airdrop.
“Eligible users will have one month, from September 4, 2022 to October 4, 2022, to claim their airdrop. LUNA not claimed before October 4, 2022 will be returned to the Community Pool. This includes any unused gas charges.”
Terra came into being after the Luna Classic ecosystem collapsed in early May after the blockchain's leading stablecoin, TerraUSD (UST), went bust. UST is designed to exchange on a one-to-one basis for US dollars.
A new blockchain to succeed the collapsed blockchain was therefore announced at the end of May and named Terra (LUNA). Original token holders of the old blockchain were promised free tokens of the new blockchain but some did not receive the airdrop due to technical challenges.
Amid news of an airdrop, Terra is up about 21% from Sunday's low (September 4) of $1.77 when the airdrop started to hit Tuesday's high (September 4). 6 September) is $2.15.
Terra (LUNA) is trading at $1.97 at press time.
Sep 07, 2022
