Wednesday, May 29, 2024
HomeAltcoinsDo Kwon, Terraform Labs CEO, is bullish on LUNA

Do Kwon, Terraform Labs CEO, is bullish on LUNA

Do Kwon, the founder and CEO of Terraform Labs, has put in two wagers thus far, one for $1 million and the other for $10 million. He particularly predicted that the value of Terra’s “LUNA” token would be greater than $88 in a year’s time. The $1 million wager began on March 13th, 2022, and was placed by a pseudonymous cryptocurrency investor known on Twitter as “Sensei Algod.” Sensei Algod started the wager by offering $1 million to anyone who could prove that the price of LUNA would be lower in a year than it was at the time of the proposal.

The LUNA token was worth $88 at the time of the proposal. “Cool, I’m in,” Do Kwon said. Surprisingly, this wasn’t Do Kwon’s only high-stakes wager. In fact, only a few hours after agreeing to the bet with Sensei Algod, Kwon negotiated a $10 million bet with a well-known trader known as “Gigantic Rebirth” on the identical outcome.

Kwon indicated that if Gigantic Rebirth filled Cobie’s escrow wallet, he would match it at $10 million. This wager is being made at a time when Terra (LUNA) is outperforming Bitcoin (BTC) and has taken the lead in the current market rally. Such high-profile bets undoubtedly help to promote the popularity and enthusiasm surrounding cryptocurrency projects, which will undoubtedly boost the price of the LUNA token, which has already risen to $91 since the bet was formed on March 15th.

What do you think about Kwon’s bets? Comment below.

Read more: Terra’s LUNA surpasses ether

Kunal Krishan
Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.


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