Cardano (ADA) founder Charles Hoskinson made fun of rival smart contracts platform Terra in his latest tweet.
Cardano Founder Hoskinson Takes His Vengeance on LUNA Founder Do Kwon
Imitating Terraform Labs leader Do Kwon’s joke about a month ago when the ADA price was on the decline, Hoskinson said “for negative correlation purposes LUNA Should I buy the token?” he asked his followers.
Should I buy some Luna for negative correlation? https://t.co/iFeHJTSudM
— Charles Hoskinson (@IOHK_Charles) May 10, 2022
Known for his sarcastic tweets, LUNA founder Do Kwon has been the victim of the market crash in recent days.
Controversial Kwon had disappeared for almost a day after Terra said he was busy raising more capital into the struggling UST stablecoin.
Terra’s main stablecoin, UST, was in for a shock when its price, which should be pegged to $1, fell to around $0.60.
Luna Foundation Guard (LFG) started using all of its $2.23 billion BTC to stabilize the UST token. With this step, although the UST price climbed to $ 0.93, it has not yet fully recovered.
In addition, the price of LUNA, which has lost 47% in the last 24 hours, continues to decline, although the general cryptocurrency market is on a slight recovery trend.
However, Cardano founder Hoskinson defended the underperforming of ADA in his statement and claimed that the altcoin simply followed the general cryptocurrency market. At the time of this writing, the ADA token is trading at $0.6434, with an increase of 0.69% in the last 24 hours.
*Not investment advice.