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 will be fun to watch altcoins crash
Lots of people on Twitter like this He thought the falls 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 turned to crypto. He responded by claiming that 95% of new entrants will fail in their 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 said this just a few days ago
Excerpts from the interview:
Alex Botez: Wondering how many of these projects got into the field because they were hot and so fun? I do; 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.
Do Kwon: "95% are going to die [coins], but there's also entertainment in watching companies die too"
8 days ago. Ironic. pic.twitter.com/fEQMZIyd9a
— Pedr🌐 (@EncryptedPedro) May 11, 2022
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 reported on
Kriptokoin.com news, some South Korean cryptocurrency exchanges took similar measures in Binance and Bitmex shortly after announcing 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.
