Key Insights:
- A $1 million wager has been positioned on LUNA’s future value motion.
- That is regardless of the coin’s current dissociation from the bigger market consolidation.
- At press time, nevertheless, LUNA was down 11% on the weekly.
Terra (LUNA) has been one of many prime performers of the yr 2022 because the asset displayed an intriguing market dissociation. Some merchants, nevertheless, are nonetheless not satisfied of LUNA’s bullish trajectory and count on the asset to commerce decrease a yr from now.
Betting on LUNA’s Future
Crypto dealer Sensei Algod shook managed to create a frenzy on crypto Twitter along with his Tweet that LUNA may commerce decrease in a yr. That, nevertheless, wasn’t all. He was so agency on his perception that he positioned a $1 million wager on his claims.
The dealer Tweeted:
“Who needs to take a $1,000,000 wager that LUNA shall be cheaper price [sic] in 1 yr than now?”
To the dealer’s shock, the CEO and Founding father of Terraform Labs, the agency behind Terra, Do Kwon replied with a, “Cool, I’m in.”
So now, Algo and Kwon have a $1 million wager on Terra’s LUNA token value. If it’s larger than $88 on March 14, 2023, the Algo will lose the wager.
The duo has appointed Cobie, a co-host of the crypto podcast UpOnly, as their escrow agent. The 2 of them have transferred $1 million in Tether’s steady coin UST to an Ethereum tackle, which has been labeled as ‘Cobie: LUNA Wager Escrow’ by Etherscan.
LUNA’s Market Dissociation
Terra’s LUNA has been one in every of this yr’s best-performing belongings, making a brand new all-time excessive of over $104 in March when many of the market consolidated. Notably, LUNA’s value hasn’t been delicate to the market’s rangebound motion of late.
At press time, the coin traded at $89.80, noting a 3.34% drop on the on-day chart however was 11.61% on the weekly. LUNA was buying and selling simply above its underneath the $90 assist.
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.
