In a surprising turn of events, the cryptocurrency market has witnessed an unprecedented surge in USTC’s value, leaving investors and analysts scrambling for an explanation. As social media buzzes with speculations, one theory gaining traction points to a meticulously orchestrated strategy by a trader known as DK.
Here’s why LUNC And USTC Are Having A Bull Run
Everyone is asking: "But why is $USTC pumping so hard?"
I offer my explanation below:#USTC broke out of a falling wedge pattern with a vengeance after being stuck in a downtrend for 72 weeks. There was a lot of built up pressure there.
Another reason for the rapid rise in… pic.twitter.com/zOTiPrD5In
— #🅽🅸🅽🅹🅰 | LUNCninja.com (@0xNinjaCat) November 26, 2023
USTC recently broke free from a 72-week downtrend, erupting from a falling wedge pattern with remarkable force. The built-up pressure within this pattern, coupled with mass forced and voluntary liquidations of short positions, has propelled USTC’s price to new heights. Similar to the dynamics seen in the AMC and GameStop saga, the closure of short positions requires short sellers to buy back USTC, triggering a short squeeze and a rapid ascent in price.
The Subjects Behind The PUMP revealed
A closer examination of the trading activities reveals a sophisticated plan involving perpetual contracts on various exchanges, including Binance and OKX. A Twitter user known as NINJA shed light on this, suggesting that DK, among a handful of entities like FTX and CZ, could be behind this monumental move.
The trading strategy employed seems highly calculated, involving the use of perpetual contracts and strategic deployment of funds across multiple exchanges. The absence of stop-loss mechanisms on these exchanges during the surge indicates a coordinated internal effort.
One Twitter user shared insights into DK’s involvement, claiming that he distributed capital across exchanges, specifying the amounts to be bought and the prices at which to execute the trades. The trader’s intimate knowledge of the intricacies of futures trading, coupled with a deep understanding of the market caps of the involved cryptocurrencies (LUNA, LUNC, and USTC), suggests a level of expertise that goes beyond the ordinary.
And I personally feel this is DK. And he didn't do this now
These are perpetual contracts being executed, which was supposed to execute now, after the first set of contracts which he had deployed previously pic.twitter.com/qaNq3B3YII
— Aru Basu (@klothtweets) November 26, 2023
The trader’s choice to invest specifically in LUNA, LUNC, and USTC perpetual raises eyebrows, hinting at a carefully crafted plan rather than mere coincidence. The trader allegedly informed exchanges in advance about the substantial deposits, ensuring the smooth execution of the trades.
USTCRepeg plan circulate
As discussions regarding the USTCRepeg plan circulate, it becomes clear that this monumental pump is not solely driven by market dynamics but potentially orchestrated by a masterful trader. While legal implications remain uncertain, the trader’s strategic prowess, if indeed DK, places him in a league of his own, hailed by some as the best trader alive.
As the cryptocurrency community grapples with the implications of this extraordinary event, questions linger about the future of USTC and the potential influence of key players in shaping its trajectory.