YouTuber pumps €2.6 million in cryptocurrency LUNA, after 2 days it’s €960 – He laughs, others don’t
Olajide “KSI” Olatunji (28) is a British rapper who is also known as an amateur boxer and gaming YouTuber for the FIFA series. Lately he has been active in the cryptocurrency space. The 28-year-old gambled when trying to profit from the crash in the price of the “LUNA” coin and suffered an enormous price loss.
Who is KSI?
- KSI started on YouTube in 2008 when he was still a teenager. He uploaded videos of FIFA games from his room at home. When he made enough money to live off the videos, he dropped out of school.
- As a result, the YouTuber began a career as a rapper and is involved in a variety of commercial projects: in 2020 it is estimated that he should earn around 15 million euros a year.
- Perhaps KSI is best known for pioneering the “celebrity boxing” trend on YouTube. In 2017, he feuded with another YouTuber on Twitter, which eventually culminated in a boxing match in 2018. The fight sparked hype, which in turn led to more boxing matches with even bigger YouTubers. The 2022 trend has also arrived in Germany.
If you need tutoring in the gaming language:
YouTuber wants to benefit from LUNA’s price loss
This was his investment now: YouTuber KSI has been hooked on crypto fever for a while. In the last few days, he first bet on a fall in the Bitcoin price. At the same time, he registered that the “LUNA” coin had experienced an enormous price drop.
Then, on May 10, he posted:
“Call me stupid, but I just bought a heck of a lot of LUNA.”
Apparently, KSI recognized an opportunity to profit from the significant price loss of the “LUNA” coin. In the days before, the price of the LUNA had fallen from around €80 (May 5) to around €30 (May 10).
As he himself later revealed, on May 10, KSI had purchased $2.8 million worth of currency from LUNA.
“Bought the dip and lost it”
This is how it went on: KSI hoped the LUNA would level out. But the opposite was the case. Within a few days, the price of the LUNA fell into the abyss: it fell from €28 to €0.00001 within a few days.
As early as May 12, KSI posted that its $2.8 million investment was now only worth $1,000.
Loss of confidence in “stablecoin” sets death spiral in effect
Where did this price drop come from? When the LUNA course falls, one speaks of a “death spiral”.
The price drop is apparently related to the loss of investor confidence in the “StableCoin” TerraUSD.
A “stablecoin” is a cryptocurrency that is pegged to the value of a real currency: in this case, the US dollar. The idea of the stablecoin was that it does not fluctuate as much as other cryptocurrencies, but is a “safe haven”. But there were early doubts that the concept would work.
When TerraUSD’s peg to the dollar really broke and failed to recover, both currencies embarked on what appeared to be an unstoppable fall to the downside. With investor confidence in the stability of the currency, the value also dropped close to zero (via business insider).
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Money was the driving force of my life – Today I am at peace with myself
How does KSI react? He reacts almost euphorically to the loss of money. He can only laugh.
In a post he explains: Money used to be the driving force of his life. He constantly fluctuated between euphoria and depression.
KSI made a lot of money and lost a lot of money, so he became deaf to it.
In the meantime, however, he is at peace with himself. The high loss is okay. At least he’s not dead, he has family, friends and his great work ethic. He’s just better off now than a year ago.
“Money isn’t everything,” only millionaires can say
How do his fans react? Many of KSI’s followers express their sympathy. But some of his fans, who apparently had invested themselves, react very differently than he does. A user writes:
“Sorry, but what you write there shows absolutely no tact. Many of your followers have lost a lot of money and will never get it back. But you enjoy the luxury of being a multi-millionaire, you’ll always be fine.”
Cryptocurrency in the area of influencers is a sensitive topic. After all, many followers trust “their darlings” with their investments and follow them:
YouTuber Reportedly Earned €11M Because Fans Trusted Him While He Cheated On Them
Reference-mein-mmo.de