Mid-Autumn Festival Concept Coin: Does LUNA coin skyrocket every Mid-Autumn Festival?
Tomorrow (9/17) is the Mid-Autumn Festival! Have the citizens prepared the barbecue, or have they finished it long ago?
While you’re grilling the meat, don’t forget to keep an eye on cryptocurrency trends. When Bitcoin is hovering below $60,000 recently, there is an altcoin, LUNA coin, which has attracted the attention of Chinese investors.
According to data from CoinGecko, from September 9 to September 16, Terra ($LUNA) once rose from $0.3323 to $0.43, a cumulative increase of approximately 30%, and is now back to $0.3882.
Source: CoinGeckoTerra ($LUNA) has risen by 30% in the past seven days
Why is LUNA coin regarded as a "Mid-Autumn Festival concept coin"? According to the observation of the Chinese currency circle media "Blockbeats", since LUNA is translated as moon in Chinese, it is easy to connect it with the Mid-Autumn Festival, so it seems to have triggered the phenomenon of hype about the festival concept.
In fact, this year’s Lunar New Year coincides with the Year of the Dragon, so investors in the Chinese currency circle have also been speculating on "dragon concept coins", which is similar to the speculation on LUNA coins during the Mid-Autumn Festival.
Summary of LUNA Coin’s Mid-Autumn Festival performance in previous years
September 9, 2022: It once rose from US$1.9116 to US$7.6660, with the highest cumulative increase reaching 300%. It happened to be the eve of the Mid-Autumn Festival, but "Crypto City" previously reported that the surge at that time may also be related to airdrop proposals and tax-free proposals. Wait related.
September 27-28, 2023: It once rose from US$0.4289 to US$0.5980, with a maximum cumulative increase of 39%, which also coincided with the Mid-Autumn Festival.
The market is hyping up the Mid-Autumn Festival concept coins, providing opportunities for speculation. But investors should also be careful. LUNA currency has experienced an astonishing increase on the eve of the Mid-Autumn Festival, but once that day or after the festival, the Sell the News phenomenon will occur and there will be a certain degree of correction.
High-rising currencies often appear in the meme currency market. However, due to the low trading volume and low liquidity of such currencies, special attention should be paid to the deliberate pulling and smashing of the market by the main funds.
The Past and Present Life of LUNA Coin: After returning to zero overnight, it became a meme currency
LUNA currency is issued by Terraform Labs and its founder is South Korean Do Kwon. It was once a blockchain project that focused on the legal stablecoin ecosystem. In the last bull market, LUNA currency and the related stablecoin $UST attracted much market attention, and the former once reached $200 and entered the top ten global cryptocurrency market capitalization rankings.
However, in May 2022, when $UST was severely decoupled and the LUNA Foundation sold its reserved Bitcoins, the situation went from bad to worse. In the end, both $UST and LUNA coins plummeted and approached zero, and Binance, the world's largest exchange, also fell for a time. Frame LUNA coin.
Source: Cryptocity LUNA coin’s life chronology
The LUNA currency that returned to zero overnight caused a serious blow to investors. But no one thought at the time that the Terra blockchain would be reborn later.
The Terra blockchain split into two chains through a hard fork, one is Terra Classic, and the original LUNA currency became LUNC currency (LUNA Classic); the other is Terra 2.0, and the native token LUNA is issued. The LUNA coins mentioned in this article all refer to the tokens issued by this new Terra 2.0.
Although Do Kwon is trying to be reborn with Terra 2.0, it seems that the project is still unable to return to the glory of the last bull market.
In addition, Do Kwon was on the run after LUNA was reset, was later arrested, and faces fraud lawsuits in the United States. According to previous announcements by the U.S. Securities and Exchange Commission (SEC), Terraform Labs and Do Kwon finally agreed to pay a total of $4.5 billion in settlement, and Do Kwon himself had to pay at least $200 million to compensate the victims.
[Disclaimer] There are risks in the market, so investment needs to be cautious. The content of this article is for reference only. There are great risks in participating in meme currency investment, and the funds may be lost to zero. Users should refer to more diverse indicators to judge whether to invest and consider whether any opinions, views or conclusions in this article are consistent with their specific circumstances. Invest accordingly and do so at your own risk.
