The founders of Terra blockchain recently announced airdrop rewards for holders of the LUNA token. An immediate surge in LUNA classic’s (LUNC) price occurred, rising above 100% after the announcement.

LUNC saw a pump from $0.000215 on September 2nd to $0.000455 on the 6th of September. At the time of publication, the price of the LUNC token is $0.0004246. It has hovered around this value for days now.

Information About The Airdrop Reward

This airdrop reward would involve over 19.5 million LUNA airdropped to users who couldn’t get the token at launch. Due to technical issues and FUD(Fear, Uncertainty, and Doubt) after the crash, some users missed out on the first airdrop in May.

Users who bought and held the token would be eligible to claim the airdrop for a one-month period.  The claim would start on the 4th of September and end on the 4th of October. Further instructions stated, airdrops not claimed would be returned to the community pool, including gas fees. 

Users holding less than 10,000 LUNC before the UST depegging would be given a two-year vesting schedule. This is to avoid instability in liquidity.

Events Following The Terra (UST)  Crash

The huge losses recorded after the LUNA token lost its peg affected the market. LUNA was the most affected token during the bear market that started in May. Users expressed anger as to why a pegged token would drop and lose its value. 

When the founders announced a new token, most investors claimed they had moved on from the project. Most called it a scam and accused the founders of a second attempt at a rug project.

These series of airdrops were to repay owners what they lost during the crash in May. It was a perfect incentive to bring investors back to the network to continue trading and investing for returns.

Users’ Reaction To The Airdrop

Investors showed dissatisfaction claiming that they lost more in the market crash than the airdrops received. 

They complained about how bad their mental health was affected and the huge toll the losses took on them. Some added sarcastic remarks thanking Terra for looking out for the community.

However before the announcement, the LUNC token had not performed well in the market since launch. This was because investors feared investing their money and facing a replay of what happened in May. 

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