One of the most popular prop traders in the industry doesn’t think LUNC Pump changes anything recently
In one of our previous articles about LUNC, one of the most successful prop traders in the space, Light mentioned how the marketing and business strategy chosen by the Luna Classic team is working against its supporters, and most recently In pump This thesis is confirmed.
Unexpectedly high inflation figures revealed in the latest CPI report have caused turmoil in the cryptocurrency and financial markets. Every major tech stock day on the NASDAQ closed in the red, which hasn’t happened in the past two years.
One last squeeze before the distribution on LUNC begins in earnest.
This part is affectionately known as the “ad”—it becomes retail to say, “Boy, look at the relative strength when everything else is in the red!”
— Light (@lightcrypto) 13 September 2022
Surprisingly, LUNC ignored the correction in the digital asset market and surged over 30% in 24 hours, leaving investors feeling safe and confident in the project’s fundamental strengths – but there is a problem.
According to Light, LUNC has opted for a common and efficient advertising strategy used during bear markets that deals with purely speculative assets: liquidity and funding in the asset to push its price higher than the market. While every other investment tool is falling.
Rightly so, the LUNC lost more than 25% of its value a day after pumping more than 30%, which makes the September 13 rally unproductive since the asset’s price bounced back in early September.
The main reason why prop traders such as Lite are actively shorting regenerated tokens is the most recent proposal to implement the new burn mechanism, which will not affect the price of LUNC as expected by some investors, with centralized exchanges to implement it. In view of the reluctance of 1.2% fee from each transaction on the network.