RedLuna’s project soared 15K percent — a risky asset or a portfolio candidate?

RedLuna’s (REDLUNA) project token, which aims to produce and develop innovative content on Web3, increased 15015,93% from February 15 to 16 — from $0.000000001984 to $0.0000002999. It seems to be a promising coin and may be worth buying, but during the same period of time, the token’s trading volume was only $92,311. So, maybe REDLUNA still deserves attention? Let’s look into it in detail.

RedLuna: a dead or alive project?

According to its official website, RedLuna is a community-driven project that aims to produce and develop innovative content on blockchain technology — metaverse and NFT. 

There is no information about the project’s authors, but according to the roadmap, it was launched on Binance Smart Chain on May 24, 2022, the same month that the original Luna, now called Luna Classic, collapsed. Therefore, there is a possibility that RedLuna was founded by someone who was a fan or even a developer of the Terra Labs project after the crash of the company.

At the same time, the project launched a Twitter account. And, judging by the latest tweets, it stopped being maintained after July 27, 2022, and started posting again 24 hours ago. However, it is noteworthy that the last post is logically connected to the previous one. In it, the authors describe their Play2Earn puzzle app ReadLuna, which is available on Google Play (with 500+ downloads) and should soon be released on iOS.

The new game will be released soon with its iOS version…

📣📣📣📣#bsc #BinanceSmartChain #ETH #btc #metaverse #ios #play #nftart #work #huobi #Gateio #vrgame #BSC #gemini #PUBGMOBILE #PayPal #buy #Crypto #NFTGiveaway #Updates #lunc #terraluna #redluna #red #Bullish #BullRun pic.twitter.com/PCVRSad14v

— RedLuna (@RedLunaOfficial) August 26, 2022

Here’s what else appeared in the project’s feed on the last day:

• An announcement about the launch of the RedLuna metaverse.
• A report about the upcoming RedLuna NFT rollout.
• A post that RedLuna’s holders exceeded 1,000 in 24 hours, as confirmed by bscscan.

Why has RedLuna grown suddenly, and the currency price

There were no signs of growth in the asset at all. Judging by the news feed and activity on social networks, RedLuna was dead until February 16. Therefore, the reason for the sudden increase in the value of the coin was the overall crypto market’s growth. Here’s how the rise of REDLUNA looked on CoinMarketCap charts.

At the time of writing, RedLuna is falling and has lost 74,05% (from 0.00000004112 to 0.00000001067) in the last 24 hours. But the rest of the market is also in decline today.

However, a 15K% gain allowed the coin to get rid of one zero from its value, and it became more expensive. So, if you had started buying RedLuna before the rally, you could have made x151 of the invested amount at the peak. But would you have been able to sell it later?

Does RedLuna trade somewhere?

On the coin’s website, there is a section about buying RedLuna. So, for its purchase, there is supposedly no commission charged. But when selling, the user must pay 13%, of which 10% are used to replenish the liquidity pool and 3% are used for marketing expenses.

The funds’ existence in the liquidity pool plays an important role. It is a sign that the asset holder will be able to sell his savings at any time he wants. However, judging by the information on CoinGecko Terminal, RedLuna has only $3.76K in the pool, but the trading volume for the last day has grown by 80.5% and equals $97.09K.

According to the roadmap, RedLuna was listed on the Azbit exchange on May 31, 2022, paired with USDT. There is related proof on the exchange’s Medium page, as well as information about RedLuna’s mission.

“LUNA has become one of the most affected cryptocurrencies, having lost over 90% of its value, and every day there are more stories of people affected by the failure of this cryptocurrency. REDLUNA has a mission to help the victims of LUNA recover their losses,” the team declares. 

But when you go to the link on the website of the coin, there is no option to trade the asset. And the only place where, according to CoinMarketCap and CoinGecko, you can buy RedLuna is PancakeSwap paired with WBNB.

However, there is a post on Twitter, in which the authors state that they will soon open sales. But it is not clear where exactly.

We are still working to solve the issue of low and high slippage to open sales within 12 hours. Thank you for your understanding. #redluna team.
#redluna #game #RedLunaGame

— RedLuna (@RedLunaOfficial) February 17, 2023

What do they say on the internet, and should you invest in RedLuna?

There aren’t many posts about RedLuna on Twitter, and most of them are from the official project account. The community also has a community, but it has only 338 members who are actively posting that RedLuna is about to rocket off.

There are also reports about the growth of the asset. So, according to crypto listing platform top200token, RedLuna became the fastest growing asset among all DEX.

Thursday DEX gainers!
@RedLunaOfficial@thebabyfloki@BUHUND_TOKEN
@catoshi_army@vaiot_ltd#BSC #BINANCE #ETHEREUM pic.twitter.com/CWUTerDg7x

— Top100Token (@top100token) February 16, 2023

The question of whether or not to invest in RedLuna remains open. There was growth, but now the asset is falling again. There is a site, there are goals, there is a real app, and there is a listing on at least one exchange. Whether there will be another rally is still unclear. RedLuna should be watched, and we will continue to do so while you can do your own research.

If you already know something about this project or find something out about it, please share it with us in the comments.