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At the time of writing, the LUNA Coin price has risen from about $1 to $1.25. This is connected to the recent developments. We always mention that LUNA Coin is an extremely speculative asset, and whether the news is good or bad, buyers can suddenly step in and push the price up.
Why Is LUNA Coin Rising?
Authorities in Montenegro have just announced that they will extradite Do Kwon to his home country, South Korea. Although the first hearing in the US is scheduled for this month, Kwon has not yet been extradited to America. The previous extradition decision was overturned, and now the decision has been made to extradite him to South Korea.
It wouldn’t be surprising if this decision is also overturned soon, and it’s hard to know what will happen if Do Kwon is not extradited. Since he is also being prosecuted for various crimes in his own country, where Do Kwon is extradited to doesn’t really matter. However, at the moment, investors think this is great news and are pushing the price to $1.3.
It would not be surprising to see a long upper wick in the daily chart in the coming hours.
