On March 14, ‘Sensei Algod’, a pseudonymous degen and investor who’s called Terra a ponzi scheme, made the project’s community an offer it shouldn’t refuse: a cool $1M if the price of LUNA is higher in 12 months.
Do Kwon, the founder of Terraform Labs, accepted the bet and put up the funds.
The wager captures the strong feelings Terra investors have toward its native token and ecosystem. No sooner did the news hit than another trader raised the stakes to $10M, which Do Kwon also accepted.
Ruffled Feathers
The meteoric rise of LUNA over the past month has made new millionaires and ruffled feathers across the crypto community. The token is currently the seventh-largest crypto asset with a $34.7B capitalization after rallying 1,460% since the start of July 2021.
But the enormous price gains have come amid increasing doubts about the sustainability of the network’s algorithmic stablecoin, UST, and top protocol, Anchor, which has been the subject of a flurry of moves. Many onlookers are skeptical LUNA’s bullish momentum can continue for the longer term.
Not Do Kwon. “Cool, I’m in,” he replied on March 14 as he accepted Sensei Algod’s challenge. The outcome of the bet will be determined by whether the price of LUNA is higher or lower than $88, according to CoinGecko’s 24-hour price average on March 14, 2023.
The popular crypto analyst “Cobie” also agreed to act as an escrow for the bet and…
