The Binance airdrop of the LUNA token this week could trigger a massive sell-off and price dump, as investors look to cash in on their free tokens. LUNA is currently down over 70% from its all-time high, and another price drop could see it tumble even further.
Binance will begin its airdrop on May 31.
Binance will be airdropping 10,000,000 LUNA tokens to Binance users this week. This airdrop will be based on a snapshot of users' balances at 00:00 am (UTC) on May 31.
LUNA holders should expect a price dump following the airdrop, as those who receive the free tokens will likely sell them for profit. However, the long-term effects of the airdrop are positive, as it will increase awareness and adoption of the LUNA token.
Binance users who hold at least 10 BNB in their account will be eligible for the airdrop. The number of LUNA tokens that each user will receive will be based on their BNB balance at the time of the snapshot.
For example, if you have 20 BNB in your account at the time of the snapshot, you will receive 200 LUNA tokens (10 BNB x 20).
The distribution of the airdrop will happen within 2 weeks after the snapshot. You can check your eligibility for the airdrop by going to the 'Airdrops' section in your Binance account.
If you are not already holding any BNB in your
LUNA 2 prices have tanked 70% in two days.
LUNA prices have been on a roller coaster ride over the past few weeks. After hitting an all-time high of $8.60 on May 5, the price quickly dropped to around $5.50. Since then, there have been a few rallies, but the overall trend has been downward.
The latest dip began on May 19, and in just two days, prices have fallen by over 70%. As of this writing, LUNA is trading at $1.60.
The main reason for the latest price decline is the Binance airdrop that is scheduled for this week. Binance will be giving away free BNB tokens to holders of other cryptocurrencies, including LUNA.
While the airdrop is certainly not good news for LUNA holders, it's important to keep in mind that it's not the only reason prices are falling. The crypto market as a whole has been in a slump over the past week, and LUNA has followed suit.
With that being said, the Binance airdrop could cause prices to fall even further in the short-term. If you're holding LUNA, be prepared for more volatility this week.
Binance users are likely to offload the tokens to recoup losses.
1. Binance users are likely to offload the tokens to recoup losses.
2. The airdrop could result in a short-term price dump for LUNA.
3. However, the long-term prospects for the token remain strong.
1. Many Binance users are likely to sell their LUNA tokens in order to recoup losses from the recent hack. This could cause a short-term price dump for the token.
2. However, the long-term prospects for LUNA remain strong. The token has a lot of potential and is still relatively undervalued compared to other cryptos. Moreover, Binance is one of the most popular exchanges and is sure to rebound from the hack in the coming months.
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