According to CoinMarketCap, the market cap of the TerraUSD (UST) stablecoin has surpassed $15 billion for the first time. It is now on the verge of overtaking Dogecoin, which had been in 13th place for months.
After hitting a new all-time high of $103.88 on March 9, LUNA has struggled to continue its dynamism. It’s now selling at roughly $88.
The Luna Foundation Guard (LFG) announced on March 15 that 4 million LUNA tokens were burned to mint 372 million TerraUSD stablecoins (UST). The UST proceeds will be used to increase the foundation’s non-LUNA reserves by acquiring more collateral.
The Foundation will hold around $2.2 billion in non-LUNA reserves when the burn is completed, according to LFG, while still keeping 8 million LUNA for future growth.
Sensei Algod, a well-known Terra hater, initiated a public wager worth $1 million yesterday via Twitter that the LUNA token will have a lower price than $88 in a year (starting on March 14), based on its pricing at the time of the bet. Surprisingly, Terraform Labs founder Do Kwon has accepted the $1 million bet two hours later. “Cool, I’m in,” he replied.
Both sides agreed to the conditions of the bet today, and each paid $1 million in USDT to an escrow wallet handled by Jordan Fish, the prominent crypto celebrity and UpOnly podcast host who knows by the alias Cobie.
If the average 24-hour price of LUNA is more than $88 on March 14, 2023, Cobie will give the money to Kwon, and if it is not, he will transfer it to Sensei Algod.
Sensei Algod is one of several well-known crypto investors who has called Terra a “Ponzi” in the past. Terra’s tokenomics design, which utilizes LUNA as the major stabilizing mechanism for the UST stablecoin, is frequently criticized.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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