Cardano founder mocks Project Terra after price crashes
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Answer Cardano founder mocks Project Terra after price crashes
Charles Hoskinson, founder of Cardano, tweeted about the recent price decline of LUNA, a crypto-project Terra, a smart contract platform that rivals Cardano and Solana.
Hoskinson suggested buying some LUNA for a “negative correlation,” echoing a joke made by the same controversial Terra founder Do Kwon who had also previously scorned ADA.
Should I buy some color for the negative correlation?
– Charles Hoskinson (@IOHK_Charles) May 10, 2022
A negative correlation indicates that one asset increases in value while the other decreases.
Investors tend to include assets that are likely to move in the opposite direction for diversification purposes, in this way it is possible to reduce the level of risk significantly.
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It seems that Do Kwon, who is known for his active and many tweets, has been stunned by the performance of the market.
The controversial cryptocurrency founder remained silent for almost a day after he announced that Terra was busy deploying more capital in order to support the embattled UST stablecoin.
Terra stablecoins collapsed and fell below $0.60 earlier today.
The Luna Foundation Guard (LFG) has released its entire $2.23 billion Bitcoin stock in a last desperate attempt to stabilize the price of the UST digital stablecoin.
The massive injection of liquidity helped push the price of the digital currency UST to $0.93, but the peg to the dollar has not yet been fully restored, and the currency is falling again.
Additionally, the price of LUNA is still down 47% over the past 24 hours, despite the fact that the broader crypto market is currently showing some signs of modest recovery.
Hoskinson also defended the poor performance of ADA, claiming that it actually tracks the rest of the other cryptocurrencies.
Cardano is currently trading at $0.64 after falling 4.5%.
We previously mentioned in previous articles on the Arab Bitcoin website, “Hoskinson” predicted that cryptocurrencies entered a bear market.
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