• Terra Luna Classic (LUNC) surges over 111% in less than a week after learning about a second airdrop

  • The native currency of the original Terra blockchain, Luna Classic (LUNC), is surging after a proposal to reward holders with free Terra (LUNA) tokens was approved.

    Luna Classic increased by little more than 111% from $0.000215 to a two-month high of $0.000455.

    At the time of writing, the price of Luna Classic is $0.000390.

    The proposal to compensate Luna Classic holders with free tokens will see little more than 19.5 million LUNA airdropped to customers who did not receive the right allocation when Terra 2.0 was launched earlier this year. The first airdrop took place in late May.

    Users that are eligible will have one month to participate in the airdrop.

    “Eligible users will have one month, from Sept. 4th, 2022 to Oct. 4th, 2022, to claim their airdrop. LUNA not claimed by Oct. 4th, 2022 will be returned to the Community Pool. This includes any unused gas fees.”

    Terra arose after the Luna Classic ecosystem imploded in early May following the depreciation of the blockchain’s primary stablecoin, TerraUSD (UST). The UST was created to be a one-to-one exchange rate with the US dollar.

    In late May, a new blockchain named Terra was unveiled to replace the fallen one (LUNA). Holders of the previous network’s native token were promised free tokens of the new blockchain, but some did not receive the airdrop due to technical difficulties.

    Terra has risen by around 21% from a low of $1.77 on Sunday (September 4th) when the airdrop began to a high of $2.15 on Tuesday (September 6th).

    At the time of writing, Terra (LUNA) was trading at $1.97.

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