The crypto analytics firm Santiment argues that one controversial altcoin could replace Dogecoin (DOGE) and Shiba Inu (SHIB) as the most prominent memecoin.
In a new analysis, a Santiment analyst known as mtkachuk says the native token of the original Terra blockchain, Luna Classic (LUNC), now holds the “meme king crown.”
“Just observing the price and volume patterns, there’s a very similar structure in LUNC right now to what was happening with DOGE a year and something ago:
Both had an initial run-up, followed by a flat consolidation, after which the real craze began. Looking into social data, a similar picture appears:”
Santiment also notes that LUNC-related keywords are ranked #1 and #8 on their social trends, which “is another sign of massive crowd attention.”
Luna Classic’s ecosystem collapsed in early May after Terra’s flagship stablecoin, TerraUSD (USTC), depegged. UST had aimed to exchange on a one-to-one basis against the US dollar.
Terra announced a new successor blockchain in late May and gave it the original Terra (LUNA) name, with the old collapsed blockchain becoming Luna Classic.
LUNC is trading at $0.000361 at time of writing. The 31st-ranked crypto asset by market cap is up nearly 19% in the past 24 hours.
Says Santiment,
“If next, we see a crash in LUNC to around $0.25 per 1000, followed by the last leg up above $0.8, then we can safely say that the crypto crowd truly never learns anything from the past, and it’s only a matter of time until a carbon copy of today’s event happens again.”
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Featured Image: Shutterstock/Denis Maliugi/Baroeki Std
