Terra Founder Bets $1M on LUNA Price Staying Above $88 in a Year

Terra’s founder, Do Kwon, has placed a $1 million bet with crypto proponent Sensei Algod on the future price of Luna, the native cryptocurrency of the Terra ecosystem. The wager covers that LUNA will trade above $88 in a year from today.

A One-Million Dollar Bet on LUNA

Nothing in msg requests – lets just do publicly

Name custodian, oracle, and unit currency

— Do Kwon 🌕 (@stablekwon) March 14, 2022

– @cobie receives 1M usdt from us each
– next year same day, if price of luna as reported by coingecko is higher than 88? He delivers the luna to me, if not, he gives it to you

Sounds good?

— Do Kwon 🌕 (@stablekwon) March 14, 2022

Cobie, a popular investor and crypto expert, is standing as the escrow for the bet. Cobie has now received $2 million worth of USDT from Kwon and Algod after they asked him to set up a receiving address.

Address for @AlgodTrading vs @stablekwon Luna price bet appears fully funded

See u in a year https://t.co/AfTZLBGODI

— Cobie (@cobie) March 14, 2022

As per the terms of the wager, both parties have agreed to a 24-hour average on the last day (Tuesday, 14 March 2023) to avoid any form of price manipulation that may occur.

The million-dollar bet between Kwon and Algod sparked many reactions from their followers on Twitter. Some see Do Kwon’s move as ridiculous, while others see it as a buying opportunity for massive gains by this time next year. 

Are you betting on the Luna price going up or the US dollar dropping in value?
I’m confused 🤣
I think either way you will win!

— CryptoReligion.eth (@CryptoReligion) March 14, 2022

LUNA Shows Potential

While many were surprised by Kwon’s courage, Luna has also not failed to show potential since the start of the year. In February, the cryptocurrency emerged as one of the best performing crypto assets after gaining above 75% to reach $95.1 price at the end of the month, a time when the Bitcon (BTC) and Ethereum (ETH) gained 12.25% and 9%  respectively. 

LUNA is currently the 7th largest crypto in the world with a price of $92.54 and a market cap of $34.52 billion, according to data from CoinMarketCap.

Meanwhile, Coinfomania reported last month that Terra secured its first decentralized autonomous organizations (DAOs) partnership with the Washington Nationals in a deal worth around $40 million.

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