Terra co-founder Do Kwon said just days ago that “95% of cryptos will die but it will be fun to watch them die”. But Terra (LUNA) was unaware of what was going to happen in TerraUSD (UST)…
LUNA inventor: It’ll be fun to watch altcoins crash
Many on Twitter thought such dips were impossible. Terra Luna and the collapse of the UST provide a good example of this. According to UST co-founder Do Kwon, most new crypto projects are in trouble. He made this statement in an interview with Alex Botez about 8 days ago.
Time to enter the cryptocurrency market
When host Alex Botez asked Do Kwon what he thought about new projects, Kwon said that 95% of crypto new entrants He responded by claiming that he would fail in his first few days. It is true that Do Kwon is not the only person or expert to make such a guess. It has also been experienced that many of the crypto projects that were at the top of the rankings only five years ago are now either terminated or placed at the bottom of the charts.
Do Kwon just said this a few days ago
Excerpts from the interview:
Alex Botez: I wonder how many of these projects got into the field because they were hot and so fun; It will still be here as it was 2-5 years later.
Do Kwon: 95% of them will die. But there’s also some fun in watching projects die.
Terra’s stablecoin, UST, with the rest of the cryptocurrency market fell together. The Luna Foundation has spent all its Bitcoin reserves to protect UST. LFG’s Bitcoin address has sold 28,205.5 BTC and has a 0 BTC balance. Terra Luna, a major altcoin project, was suddenly delisted as a result of market volatility effects.
As we have mentioned in the news of Kriptokoin.com, some South Korean cryptocurrency exchanges took similar measures in Binance and Bitmex shortly after they announced that they would delist LUNA. According to Binance’s announcement, if the LUNA/USDT price drops below $0.005, it will be delisted from the exchange’s futures list.
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