Here’s How Terra Classic Put Memecoins Under Its Shadow

In the space of just the last 30 days, Terra Classic (LUNC) prices rose by a staggering 463%. The rebranded Terra cryptocurrency was largely trading at around $0.000097 prior to the current rally that started around August 23. As of writing, Terra Classic (LUNC) price is trading at $0.0005384, up 17.01% in last 24 hours, according to price tracking platform CoinMarketCap. The new wave of speculation around LUNC is similar to the memecoin rally witnessed last year.

Terra Classic (LUNC) Is The Memecoin Of Current Cycle?

The current LUNC rally reminds of the bull run witnessed last year, when memecoins rose to prominence. To a large extent, the memecoin space was dominated by $DOGE and $SHIB. An interesting observation from Santiment Insights points to the similarity between last year’s memecoin rally and the current LUNC rally. After all, it is not very often that popular cryptocurrencies witness such a massive pump in short time. The ‘spectacular rise’ in recent times is followed by an even more spectacular downfall earlier this year.

“In the past the meme king crown belonged to $DOGE, $SHIB, $SAFEMOON and others. But today there is no doubt that the name of the game is $LUNC.”

The Insights find similarities in LUNC current rally with the DOGE rally seen in the last bull market cycle. This is based on observation in the price and volume patterns of both the cryptocurrencies. “Both had an initial run-up, followed by a flat consolidation, after which the real craze began.” Meanwhile, Dogecoin (DOGE) price had a downward trend over the last one month, in contrast to LUNC price movement. As of writing, DOGE price stands at $0.06245, up 2.30% in the last 24 hours.

Huge Social Activity Around LUNC As Price Is On The Rise

Also, a similar pattern is observed when looked at social data. On the social platforms, people are actively looking for LUNC related updates and developments as the price soars. LUNC related keywords are currently occupying the top spot on various social trends. This could a sign of massive crowd attention to Terra Classic (LUNC).

Anvesh reports major developments around crypto adoption and price analysis. Having been associated with crypto since 2016, he is now a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.