Cryptocurrency trader AlgodTrading (Algod), who had predicted a decline in Terra (LUNA), said he now expects another altcoin to collapse like Terra. Here are the details…
Cryptocurrency trader expects this coin to crash like LUNA
Algod was an outspoken critic of Terra and has repeatedly stated that the UST/LUNA mechanism is unsustainable. They also made a bet with Terra founder Do Kwon that LUNA prices will/won’t stay above $88 by March 2023. LUNA is currently trading a few decimal places below zero. Algod also called on Do Kwon for losing the bet. The latest target of Algod’s review, STEPN (GMT) is a Solana-based “move-to-win” token that has grown in popularity this year.
In a Twitter thread, Algod is very helpful to buyers. urged GMT and STEPN to offer little value. He implied that the program’s mechanism—rewarding users for walking or running—is largely unsustainable and will likely fail eventually. Trader stated that he thinks it is ridiculous for ignorant people to earn hundreds of dollars by walking.
Trader: GMT, the next Axie Infinity
Trader said that while they warn against investing in GMT in the medium to long term, they are also considering taking a short position in the token. Algod called the token the “next” Axie Infinity, citing the catastrophic decline of play-to-win (P2E) gaming this year. As we reported on Kriptokoin.com, GMT is among the best performing cryptos this year, with an increase of up to 3000 percent since its launch in April. The token is given as a reward by STEPN, the move-to-win program for exercising while using its app.
listing on markets such as Binance and OpenSea also gave the token more confidence. Still, critics noted that the program cannot continue to reward users with tokens forever unless it sees a steady influx of buyers. GMT is trading at $1,5595, up nearly 1,500 percent since its launch.
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