Binance Completes 2nd Terra Luna Air Drop, An Uptrend Can Be Seen

The world's largest Centralized Exchange (CEX) has recently completed the second round of Terra (LUNA) airdrop distribution to Terra Classic (LUNC) and TerraClassicUSD (USTC) holders who owned Terra Classic (LUNC) and TerraClassicUSD (USTC) in May when the Terra ecosystem collapsed.

According to a Binance release, users qualified for the airdrop by holding Terra Luna Classic tokens throughout the two snapshot periods: "Pre-Attack" on May 7 and "Post-Attack" on May 26.

The original Terra ecosystem broke earlier this year and was later renamed Terra Classic, while the Terra brand was taken over by a new, forked network. When Terra's ecosystem disintegrated, its circulating supply increased from 340 million tokens to 6.9 trillion, and to fight the inflation, $LUNC supporters imposed a 1.2% tax burn on all network transactions.

Binance has been a supporter of token burns, and in its third round of burns, it destroyed 2.5 billion tokens in a single transaction, permanently removing them from circulation. According to Binance's website, the $LUNC tokens were valued at almost $660,000 at the time of the burn and were destroyed in response to the $LUNC community's suggestion to burn trading fees on-chain.

According to reports, Binance CEO Changpeng Zhao stated that the exchange burnt over 5.6 billion LUNC tokens on its first burn, which were valued at more than $1.8 million at the time.

The exchange also announced that it will distribute the remaining $LUNA airdrops to customers from December 2022 to June 2023, where appropriate, with the whole distribution scheduled to take place over a 24 to 48-month timeframe.

However, the exchange will not make any more comments about these airdrops. Users in the United States and sanctioned companies are not eligible for the airdrop, according to the exchange.

The Terra Classic community has been fighting for more adoption, including starting a petition to be listed on the cryptocurrency exchange Coinbase.

RELATED: S Korean Court Freezes Kernal Lab’s Terra Luna Assets, Price Tumbles

Terra Luna Price Analysis

Terra Classic's current price is $0.000145 USD, with a 24-hour trading volume of $68,271,140 USD. Terra Classic has increased by 1.64% in the previous 24 hours. LUNC is currently ranked #40 on CoinMarketCap, with a market cap of $864,310,989 USD. The circulating supply is 5,972,116,724,933 LUNC coins, and the maximum amount is not known.

 

Source: CoinmarketCap

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The price surged today, according to the daily chart, as a result of continued investor purchasing power. The price of LUNC has risen significantly in recent days, and bulls have maintained their control. The currency's value is projected to rise higher in the coming hours.

Because the indicator's arms are still moving in opposite directions, the Bollinger bands indicator suggests that the LUNC/USDT pair remains volatile. The bottom band, which is present at $0.000122, is supporting the coin's price. The cryptocurrency pair's upper band, which signifies resistance, is $0.000187. The mean average line of the Bollinger bands is above the $0.0001549 price level.

The relative strength index (RSI), which measures market selling, is now trading in the bottom half of the neutral zone and heading downward. On its curve, the RSI indicator has a value of 42.

The MACD indicator shows an ending red bar curve which shows the ending of the price decline. The MACD is approaching the level 0 point and could go into the green zone any time soon.

Source: TradingView

The price surged today, according to the 4-Hr chart, as a result of continued investor purchasing power. The price of LUNC has risen significantly in recent days, and bulls have maintained their control. The currency's value is projected to rise higher in the coming hours.

Because the indicator's arms are still moving in opposite directions, the Bollinger bands indicator suggests that the LUNC/USDT pair remains volatile. The bottom band, which is present at $0.000122, is supporting the coin's price. The cryptocurrency pair's upper band, which signifies resistance, is $0.000187. The mean average line of the Bollinger bands is above the $0.0001549 price level.

The relative strength index (RSI), which measures market selling, is now trading in the bottom half of the neutral zone and heading downward. On its curve, the RSI indicator has a value of 60 which shows a par-neutral value. This indicates that the prices could go down as the short-term investors could go out from the trade.

 

Source: TradingView

Terra Luna's trading volume increased significantly in the previous 24 hours as speculations of a potential $245 million coin purchase by Coinbase gathered traction.

Terra Luna FAQs

Are stablecoins like UST?

Terra US (UST) is a stablecoin since it is intended to sustain value and is algorithmically tied to the U.S. dollar. On May 9, 2022, it lost its peg, though.

How Does Luna Function?

The native token for governance, mining rewards, absorbing volatility, and transaction costs are called LUNA. To mine Terra stablecoins, miners stake LUNA, according to the protocol's Delegated Proof of Stake (DPoS) process. The most important and potent fiat currencies in the world are tied to Terra stablecoins.

What Are UST and Luna?

The Terra blockchain's native coin, Luna, is utilized for staking and regulating Terra's pricing. The Terra token that is linked to the USD is called TerraUS (UST).

How Does Terra Work in Crypto?

One of the two tokens used as a payment method in the Terra blockchain is Terra. Through algorithms, it is linked to different fiat currencies.

What number of Terra LUNA are there?

There are 6 trillion Terrans in circulation right now.

Are Terra Luna coins reliable?

Terra (LUNA) has enormous ambition as a means of trade and payment, and many cryptocurrency specialists regard it to be a very desirable coin.