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Cardano's Hoskinson Claps Back at Terra's Kwon Over 'Negative Correlation' Tweet

The jab comes as the Terra network's native cryptocurrencies are getting crushed in the market.

1 min read
Charles Hoskinson, speaking at the Cardano Summit in Bulgaria in 2019. Image: Decrypt.

Cardano founder Charles Hoskinson took a swipe at Terra founder Do Kwon as the price of Terra’s Terra (LUNA) token crashed to $24 and the TerraUSD (UST) stablecoin depegged to $0.70 yesterday, before recovering.

"Should I buy some Luna for negative correlation?" Hoskinson tweeted.

Hoskinson quoted an earlier tweet from Do Kwon, who said: "We may buy $ADA for negative correlation."

Negative correlation?

A negative correlation is when two assets—in this case, ADA and LUNA—move in opposite directions at the same time. So if LUNA goes down, ADA goes up, and vice versa.

LUNA and UST are the native cryptocurrencies of the Terra network. As of this writing, LUNA is down 40.43% to $31.18 in the last 24 hours, according to CoinMarketCap.com. In contrast, ADA, the cryptocurrency of the Cardano network, is up 3.97% to $.67 in the last 24 hours.

As broader financial markets have declined recently, so too have major cryptocurrencies. Currently, most Bitcoin holders are underwater, as the top cryptocurrency by market capitalization continues spiraling from an all-time high of $68,789.63 in November.

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