Do Kwon, co-founder and CEO of Terraform Labs, has taken a $1 million wager that the price of LUNA will not fall below $88 by one year from now.
“Cool. I’m in,” Do Kwon wrote on Twitter on March 13, in response to a challenge issued by a self-proclaimed ‘semi-retired degen’ going by the name of ‘Sensei Algod.’
LUNA an ‘overpriced Ponzi’
Sensei Algod described LUNA, the native token of the Terra ecosystem, as an “overpriced Ponzi” that would fail.
“LUNA is a glorified TITAN, when people lose confidence it goes to zero,” he scorned, referring to the DeFi protocol Iron Finance’s token that went from $65 to $0 last year.
Claiming to have been early in identifying “gigantic Ponzis OHM, TIME and LooksRare.” Algod went on to dare anyone to “take a $1 million bet that LUNA will be lower in price one year from now.”
Do Kwon accepted the challenge, and took the mocking a step further,