Do Kwon has always believed that there will be no dark days for his TerraUSD (UST) stablecoin and LUNA token. When proven traders like Sensei Algod and Gigantic Rebirth predicted their collapse, he didn’t hesitate to place a bet. $11 million was snagged on the occasion. The rest, you certainly know.
Do Kwon, a real reckless?
A reckless person is like ” bold enough to perform dangerous actions “says the Larousse dictionary. And this is what certain actions of Do Kwon show us, long before the collapse of Terra and after.
Certainly, he admitted to being the first responsible for this fiasco in the video recently shared by Zack Guzman, but it seems difficult to erase the memories linked to this dramatic event. 45 billion dollars gone up in smoke, and thousands of victims, that’s still a lot.
And even if there is a mole in his team, it seems difficult to remove him from this misfortune.
Already, he is a crazy bettor. Crypto Briefing reported that he accepted a $1 million bet against Algod swearing that LUNA will be above $88 by March 2023. Currently, the token is trading at $1.70 ( Source : CoinGecko). We’re going to have to add a NITRO supercharging system (a wink for fans of Need for Speed) to find the missing $85.30.
Thus, Do Kwon lost $1 million.
But let’s not forget that he bet another $10 million on the same terms with Gigantic Rebirth, according to Be In Crypto. Money madly thrown out the window. While this would have reimbursed the victims of TerraUSD’s de-peg.
In those days, Kwon was so sure of his project that a simple tweet like this awoke him from his slumber.
” Who wants to bet $1,000,000 that the price of LUNA will be lower in a year than it is today? »
What did Algod do with the extra $1 million in hand?
He used it to boost his earnings, of course. Yesterday he tweeted this:
” Officially doubled @jimcramer reverse account, for those not in the know, I started the account with 50k. »
In other words, his profits have doubled since the account was launched. The net worth of his holdings now stands at $101,440.71.
What ironize Do Kwon and Cramer, who once was so fond of gold, before mutating into bitcoiner. And to prove at the same time that the ” countertrading or reverse trading seems effective in the crypto space. As a reminder, this technique is the opposite of the ” copy trading as it involves betting against the calls of another market participant. In the majority of cases, the latter is the type to make a bad call.
On the trading side, Jim Cramer is renowned for his stock calls, most of which have misled the masses. Indeed, he did not hesitate to qualify ether as ” tremendous “, it was in April, before classifying it ” [actif doté d’] no real value “.
However, in these troubled times, the trader Algod was able to make about $25,000 in profits. And this thanks to reverse trading.
In short, we hope by the way to have shared with you a technique that could help you in your practice of crypto trading. Admittedly, Algod is akin to a swimmer against the tide, but sometimes unconventional styles pay off. Otherwise, with all these lessons learned, especially on Algod, Cramer and Kwon, you will know how to position yourself as soon as the carnage is over.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Tremplin.io!