Vietnamese investors gamble on collapsed cryptocurrency

[ASEAN NOW News]

An investor looks at Luna's logo on a smartphone. Photo by Investment U

 

Some Vietnamese are trying to catch the falling knife that is Luna, a cryptocurrency that has lost 98 percent of its value reports VN Express.

 

Hoai Phuong of the central Quang Tri Province said he invested US$100 in Luna after its price hit $0.00001 Friday night.

 

"I thought I should try my luck, but I didn’t dare to spend much, and I was OK with losing all the money," he said.

 

The coin was delisted from several exchanges immediately after his purchase.

 

However, the price rose 10-fold by the next morning. It kept rising until the afternoon when he decided to sell at $0.0005, earning $5,000.

 

Others shared related stories on social media of earning thousands of dollars on a wager of a few hundred dollars.

 

But not everyone was lucky.

 

Nguyen Thanh of the southern Tra Vinh Province bought 2.5 million Luna tokens on Saturday afternoon at $0.0004.

 

A day later he sold out after the price dropped to $0.0003, resulting in a $300 loss.

 

Many experienced traders warn against buying on fear of missing out.

 

"Luna prices will drop further, and some recent bounces were just a bait," Bang, a trader with five years’ experience and an administrator of a Facebook group on cryptocurrency, said.

 

"Investors will lose more if they keep buying, because Luna has shown no sign of recovery."

 

A large number of Vietnamese are investing in Luna, some insiders estimated.

 

Luna’s crash came as a surprise since it was among the twenty largest cryptocurrencies and many funds invested in it.

 

After trading at $100 last month, it has crashed to near zero now.

 

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