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Terraform Labs CEO Bets $10M on LUNA’s Bullish Trajectory

By:
Varuni Trivedi
Updated: Mar 15, 2022, 17:59 GMT+00:00

Crypto Twitter is an interesting place. This time, a $1 million bet has been placed on Terra's native coin LUNA's price action.

FXempire, LUNA, Crypto, Terra

Key Insights:

  • A $1 million bet has been placed on LUNA’s future price action. 
  • This is despite the coin’s recent dissociation from the larger market consolidation. 
  • At press time, however, LUNA was down 11% on the weekly. 

Terra (LUNA) has been one of the top performers of the year 2022 as the asset displayed an intriguing market dissociation. Some traders, however, are still not convinced of LUNA’s bullish trajectory and expect the asset to trade lower a year from now. 

Betting on LUNA’s Future

Crypto trader Sensei Algod shook managed to create a frenzy on crypto Twitter with his Tweet that LUNA might trade lower in a year. That, however, wasn’t all. He was so firm on his belief that he placed a $1 million bet on his claims. 

To the trader’s surprise, the CEO and Founder of Terraform Labs, the firm behind Terra, Do Kwon replied,

“Cool, I’m in.”

So now, Algo and Kwon have a $1 million bet on Terra’s LUNA token price. If it’s higher than $88 on March 14, 2023, Algod will lose the bet. 

The duo has appointed Cobie, a co-host of the crypto podcast UpOnly, as their escrow agent. The two of them have transferred $1 million in Tether’s stable coin UST to an Ethereum address, which has been labeled as ‘Cobie: LUNA Bet Escrow’ by Etherscan. 

LUNA’s Market Dissociation

Terra’s LUNA has been one of this year’s best-performing assets, making a new all-time high of over $104 in March when most of the market consolidated.

Notably, LUNA’s price hasn’t been sensitive to the market’s rangebound movement of late. 

At press time, the coin traded at $89.80, noting a 3.34% drop on the on-day chart but was 11.61% on the weekly. LUNA was trading just above its under the $90 support. 

FXempire, terra, LUNA, Crypto
LUNA Price Action | Source: FXEmpire

That said, at press time, LUNA was the seventh-largest cryptocurrency, having a market capitalization of $33.3 billion.

Nonetheless, despite the token’s recent bullish price action, Sensei Algod believes the price action doesn’t reflect his significant concerns with the project.

About the Author

A Journalism post-graduate with a keen interest in emerging markets across South East Asia, Varuni’s interest lies in the Blockchain technology. As a financial journalist, she covers metric and data-driven stories with a tinge of commentary, and strongly believes in HODLing.

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