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May 10th LUNC 24h -21% — The previous 140% surge instantly evaporated by a quarter.
The more heartbreaking thing is the liquidation of longs and shorts: Longs liquidated at $45,390 vs Shorts at $5,200, ratio 8.7:1. Further inquiry shows that Gate.io alone accounts for $32,120 (total liquidation 71%) — the main "dumpers" behind this rally are mainly on Gate.
Background introduction: LUNC is the dead ash of Terra Luna's 2022 crash, and it can be said that every rebound is a relay to sell off. The 140% increase was for early holders to cash out, while the 21% drop is the tuition fee for latecomer longs.