According to a Santiment analyst, Terra Classic (LUNC) is fast becoming the next king meme coin with a pending main craze.
Several meme coins have previously emerged in the crypto scene, dominating the space and successively falling off the throne. Dogecoin (DOGE), Shiba Inu (SHIB), and Safemoon (SAFEMOON) have all sprung up and lost the spotlight. Terra Classic (LUNC) appears to be reclaiming the throne, unlike the previously mentioned assets.
A recent Santiment analysis revealed some similarities amongst the price actions of these memecoins, noting LUNC’s rise using metrics such as social presence and price movements, giving it the title of “meme king crown.”
The analysis from Santiment notes that LUNC has recently assumed social dominance in the space, as interest in the asset surged rapidly, judging by the increase in LUNC-related terms on social platforms. At the time of the Santiment report, LUNC-related terms took 1st and 8th positions in assessing social trends.
This feat highlights the crypto community’s attention on LUNC, as it shows signs of an auspicious comeback. Terra Classic’s recent riposte to the bears is partly fueled by the community’s commitment to resurrecting the asset. As this renewing campaign gathers momentum, LUNC’s price action sees a positive boost, which pumps more interest into the token.
The Santiment analysis also highlights that LUNC’s community could see a repetition of a bearish occurrence that has remained a pattern with dominant meme coins.
Like Dogecoin, LUNC could rise to seal its position as the dominant meme coin.
Terra Classic’s current social position could propel the asset to surprising heights if the momentum persists. The Crypto Basic, on Monday, stressed the similarities in price actions and social trends between Dogecoin and LUNC, citing the Santiment analysis.
Dogecoin’s increase in bullish social outlook contributed massively to the asset’s surge to the ATH of $0.73 in May of 2021. Billionaire and CEO of Tesla, Elon Musk’s public campaign for the asset on Twitter also conducted to the asset’s social dominance then.
LUNAtics have recently intensified their campaign for LUNC on social platforms, increasing the asset’s publicity. As previously reported, up to 9 exchanges have declared support for the LUNC 1.2% tax burn. This indicates the growing attention the asset is amassing.
According to Santiment, both Luna Classic and Dogecoin enjoyed an initial run-up before encountering flat consolidation. After the consolidation, dogecoin had a massive rally starting the main craze.
The social indicators of Santiment show a similar picture for LUNC; a true mania for Terra classic is pending that may come after the current consolidation.
Despite the recent hurdle faced that has halted the asset’s rally, LUNC has managed to keep its head above the $0.00025 level. LUNC currently trades at $0.0002855 as of press time which is a 194% increase from the $0.000095 value the asset had exactly a month ago.
LUNC is showing signs of another increase, having gained by 9.66% in the past 24 hours despite the bearish atmosphere. Another rally from LUNC could support its journey to solidifying its position as the king meme coin.
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