Lark Davis Sold His LUNA 2.0 Airdrop, Is LUNA Not Worth Holding?

Twitter crypto seems to be in a rage as they believe that the LUNA 2.0 airdrop distribution was unfair. The Terra team addressed the issue and confirmed that the distribution of the airdrop was uneven. They also added that they are actively working on a solution.

But the airdrop seems to have not received the warmest welcome among the crypto community. Crypto investor Lark Davis wrote on his Twitter that he sold the LUNA that was airdropped to him on Binance. The action might trigger a notion among the investors that LUNA 2.0 is not worth holding anymore.

Many exchanges have been extending their hand of support to back the Terra team’s decision. Binance is among them, as the exchange announced that its first LUNA 2.0 airdrop distribution is completed. Binance airdropped 30% of the LUNA 2.0 in its first phase.

A snapshot was also taken on May 7, 2022 to decide the amount of the new LUNA that needs to be distributed. The next phase of the airdrop, as announced by Binance, will begin in December 2022. The exchange will distribute the remaining 70% airdrop over 24 months.

After pulling themselves from the murky waters, the Terraform Labs team is doing everything to bring LUNA back to life. Investors faced severe losses as some even lost their life savings. May was the month that rewrote LUNA’s fate, which faded the belief and trust of many.

Following the launch of LUNA 2.0 on May 27, the Terra team decided to airdrop the new Luna token to the affected. The decision comes up following the old LUNA (currently, LUNA Classic) crash, dropping itself to zero value.

The whole incident and events turn out to be troublesome for LUNA. The public will have to wait to find out whether the resurrection plan will help regain LUNA’s title.