FatMan, the whistleblower of the famous nickname Terra (LUNA), shared about an altcoin project. The informant advised investors not to buy from this altcoin. According to him, a major price collapse will occur very soon. Here are the details…
LUNA informant warns of this altcoin
Terra Classic (LUNC) has been driving its mind-blowing price hike for more than a week. This, in turn, increases the confidence of investors in the asset. As a result, more and more investors are pouring funds into this altcoin project, which has been called dead in the past. As Cryptokoin.com reported, LUNC has increased its value 12 times in the last 3 months. However, famous LUNA informant FatMan has warned investors that the asset’s operation will soon hit a roadblock.
FatMan took to Twitter on September 8 to address this issue. According to his tweet, many investors jumping into the LUNC frenzy are unaware of current market conditions. They also help the altcoin’s upward movement in price. However, he warns investors that this rally will not last long. According to the LUNA informant, the pump from peak demand is heading to an unsustainable point. FatMan predicts that in the long run, the price rise will end and the collapse will begin:
“Take this as a warning. A frighteningly high number of ill-informed investors flocked to LUNC. This ignited an unsustainable speculative pump. Investing in vain is the same as investing in a vacuum. It’s good to invest only as much as you can afford to lose. High losses are possible.”
“Escape Terra Classic (LUNC)”
In response to FatMan, one user shared that he will start shorting the asset. However, FatMan also clarified that he is against keeping LUNC short. According to him, the wisest choice was to get out of existence altogether. Also, the LUNA informant pointed out that he has no investment in the Altcoin project and does not hold a short or long margin trading position. Finally, he underlined that LUNC burns will not work either. According to him, there is no benefit to LUNC in reducing supply as long as demand is stable.
FatMan’s tweet came in response to an earlier warning from another pseudonymous analyst. Using the nickname “Lightcrypto”, the analyst shared his views on the rapid rise of LUNC. However, he noted that the rally will not be sustained and the probability of a major decline is high, especially given the current market realities.
LUNC continues to rise
Despite these bearish forecasts, LUNC continued to rise, but its momentum waned. LUNC remains the highest earning asset in the past week. However, it has lost 1.7% in the last 24 hours. The altcoin reached a valuation of $ 3.2 billion with its latest rally. Thus, it became the 26th largest cryptocurrency by market cap.
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