- Trader tweets that Luna Traditional (LUNC) is “ready to nuke.”
- This tweet has increased interest in LUNC on international exchanges.
- The police are looking for Do Kwon, the founder of the defunct Luna network.
Cryptocurrency analyst and trader Altcoin Sherpa tweeted to his 183,500 followers that Luna Traditional (LUNC), the sole utility token of the defunct Luna network, is “about to nuke.”
$LUNC: Still a massive shitcoin, I would only long at the .50 and .618 as scalps. Look higher for any potential shorts; this one is going to nuke to hades eventually. Dont buy this for the long term IMO. pic.twitter.com/PeuEJMwiS4— Altcoin Sherpa (@AltcoinSherpa) September 27, 2022
The digital asset trader and analyst foresee a significant decline in value for an actively traded cryptocurrency.
Furthermore, he added, “You can only buy LUNC for the short term, ideally if it falls between the crucial Fibonacci levels of 0.5 (50%) and 0.618 (61.8%)”.
Even though the cryptocurrency market’s volatility is increasing, this tweet has caused a surge in demand for LUNC on global exchanges. As of the time of writing, LUNC had a 24-hour trading volume of almost $745 million.
It is projected by some analysts that LUNC will reach a value of $1.5 billion by the end of the year. Sherpa’s prediction may be unfounded in that case, but the potential for a massive price increase has driven significant interest in digital assets.
The bad news for LUNC from Altcoin Sherpa comes at the same time as Do Kwon, the creator of the defunct Luna network, is said to be wanted by the police. According to a recent report, Interpol, on behalf of South Korean prosecutors, has filed a worldwide wanted-persons notice for Kwon.
However, Do Kwon has dismissed all accusations saying that the investigation against him and his company had become political. Representatives of the company also accused prosecutors of injustice and a refusal to safeguard fundamental rights provided by Korean law.
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