The Whale Who Knows The LUNA Collapse Is Now Betting On It!

The whale, who bet $1 million on Terra’s (LUNA) collapse, is now trading against Jim Cramer. Algod says they have doubled the size of a trading account that is only betting against Jim Cramer’s predictions. Jim Cramer has been ridiculed in the crypto space for his poor predictions of where the market might move.

LUNA collapse-knowing Algod plays against Jim Cramer

We know crypto trader Algod for betting $1 million weeks ago on Terra’s (LUNA) collapse. The famous whale is now playing “big” by trading against Jim Cramer.

Algod posted an update on his ‘reverse Jim Cramer’ account on Twitter on Monday. In this context, it announced that they have doubled their profits since the account was launched. Algod claims they started the account with $50,000. His net worth now appears at $101,440.71 in his posts. “Some people work a 9-5 job, I just trade against Jim Cramer…” Algod says.

In the crypto space, “counter-trade” refers to a practice in which traders bet against the predictions of another market participant, often because they believe the participant will make an incorrect prediction. It’s the opposite of “copy trading”, where people follow reputable traders with a proven track record in their bets in hopes of taking their coats to profit. Many crypto enthusiasts have previously discussed Cramer’s countertrade as it has become a joke in space thanks to a series of dubious predictions in the past. There’s also an Inverse Cramer ETF Twitter account, which is likely to have inspired Algod with over 84,000 followers following Cramer’s predictions to determine what to bet against next.

Cramer is better known in the mainstream world for his stock forecasts. Despite this, he has also made a few crypto mistakes in recent months. For example, he described Ethereum as ‘awesome’. He also suggested that investors could ‘easily’ bring 35% to 40% returns in ETH when it traded around $3,000 in April. Weeks later, ETH has dropped more than 70%. Shortly after, Cramer declared crypto dead, saying it “has no real value.” His comments roughly pointed to a local base where ETH and other assets rallied over 100% in a matter of weeks.

“You’re not strong enough for that!”

Cramer has once again weighed in on crypto as prices have soared in recent weeks. He asked Algod to start his counter trade account. Algod’s latest trade comes after Cramer said he had renewed his confidence in the asset. The latest on this trade shows that they made $25,162.11 profit from shorting ETH.

One of crypto Twitter’s biggest whales, Algod has been known for its relatively unconventional trading style this year. Perhaps his most legendary move was against Terraform Labs CEO Do Kwon. Algod made a $1 million bet that Terra (LUNA) could not hold above its current price ($88 at the time) in a one-year timeframe in March. “You can’t afford it,” Kwon told Algod during the bet. It was blatantly insulting at Algod’s portfolio size. As you follow on Kriptokoin.com, LUNA dropped to zero after a few weeks. Algod asked Kwon to repeat his insult. Now the ‘reverse Jim Cramer’ account has gotten off to a successful start. Accordingly, Algod’s trading strategy against crypto’s biggest bad guys still seems to be working.