Terra Classic Price Slides Almost 10%; 5 Best Penny Crypto To Buy Instead

After an explosive breakout in December, Terra Classic has endured tremendous sell pressure, down over 11% today.

With that in mind, we look at the five best penny crypto to buy now. Considering factors like narratives, market trends, tokenomics, and utility, the best projects to buy now are Sponge, Bitcoin Minetrix, Kaspa, Meme Kombat, and Chiliz.

Terra Classic Capitulates Despite Rising Volume, Burns, and New Integrations 

Things started looking up for Terra Classic in December when it pumped 360% in a matter of weeks. However, its prior bearish momentum has seemingly overpowered the bulls, with LUNC tumbling 11.78% today, 27.5% this week, and 44.38% this month.

Based on its current price of $0.00009015, LUNC has seen a 65% selloff from its 5 December 2023 local high.

The instrumental factor pushing down LUNC’s price, at least today, is the strategic bankruptcy filing by Terraform Labs in the face of ongoing legality issues surrounding its founder Do Kwon.

The market immediately reacted to the news by selling LUNC, causing its price to plummet. 

This led to an uptick in trading activity, with its 24-hour volume up 62% in the past 24 hours, currently at $73 million.

It holds a $520 million market cap, making it the 102nd largest crypto. Meanwhile, its trading volume puts it in the 85th-highest spot.

However, even before the recent dump, LUNC has been downtrending since December despite continued efforts at improvement.

The LUNC burn portal shows a strong growth in the amount of tokens destroyed in recent months.

On 1 December, 4 billion LUNC were burned, likely a crucial factor in its proceeding pump. However, 5 billion LUNC were burned on 1 January 2024 but made an insignificant impact on its price.

Moving to its integrations, the Cosmos-based decentralized exchange Osmosis proposed establishing a deep liquidity pool involving LUNC.

In a reactive blog post, the Luna Classic team said the integration would provide a “gateway” to connect LUNC with the broader Cosmos ecosystem.

Meanwhile, the Luna Classic ecosystem has also seen the launch of Station V3, an upgraded cross-chain wallet available as a browser extension.

But despite these efforts, LUNC has been unable to gain traction, quickly approaching its bear market lows. And with no end in sight, traders are eager to rotate into other penny cryptos displaying more promising momentum.

With that in mind, let’s take a closer look at the top alternatives to buy instead.

Sponge

Sponge is a meme coin launched in the summer of 2023, paying homage to SpongeBob SquarePants. Its wacky origins and witty meme game made it an instant hit with degen investors, pushing it to a $100 million market cap and netting early buyers 100x returns.

The project also attained a degree of legitimacy through listings on over ten prominent exchanges, and 30K social media followers, and 13K holders.

However, after a quiet few months, the team recently announced that Sponge will bridge to Sponge V2, a new rendition with Play-to-Earn utility and updated staking mechanics. The new venture aims to capitalize on the improving market conditions compared to Q2 2023, providing a bigger runway for success.

The P2E game adds a new perspective to Sponge, pushing it beyond the hyper-competitive, attention economy of meme coins, offering a more stable, utility-driven demand.

The game features two versions, free and paid. Users can earn more rewards in paid but must buy credits with the $SPONGEV2 token.

This innovation has sparked massive interest, catapulting Sponge 5.1% today, 13.55% this week, and 181% this month.

Market participants can buy Sponge V2 from the Sponge.vip website. Tokens will be staked until the prelaunch campaign ends, where they will earn an additional yield.

Visit Sponge.vip Website

Bitcoin Minetrix

Bitcoin Minetrix is a trending presale quickly approaching $10 million. Its early success is attributed to a compelling use case focused on effortless Bitcoin mining for everyone.

The project lets users stake its native token ($BTCMTX) in exchange for Bitcoin mining credits. They can then burn these credits for cloud mining power, translating to free Bitcoin.

This process requires only an Ethereum-compatible wallet (like MetaMask) and $BTCMTX tokens. No expensive hardware or technical expertise is needed. As such, the platform is ideal for beginners and could help onboard many more users to Bitcoin mining.

According to its website, the decentralized and transparent nature of $BTCMTX eradicates the risk of cloud mining scams, making Bitcoin Minetrix a more secure alternative to existing practices.

However, such advantages can only benefit the $BTCMTX price if the project’s tokenomics are robust. 

While there is no guarantee on where it could go, its utility-driven demand and scarce supply present strong potential.

It is worth noting that the Bitcoin Minetrix supply will be suppressed by tokens being locked for staking and rewards being primarily paid in mining credits, not $BTCMTX. This is a fundamental advantage over traditional staking, which pays rewards in the native token, negating the supply-side benefits of tokens being locked.

Visit Bitcoin Minetrix Presale

Kaspa

Kaspa has been consistently touted as one of the top altcoins this year by prominent analysts and key opinion leaders (KOLs). 

However, with its price down 13.41% this month, market participants may face a solid opportunity to buy KAS on the dip. The project is also down by 5.78% today and 16.47% this week.

That said, it remains up 1,457% from its 24 January 2023 initial price of $0.006435 on CoinMarketCap.

Currently, Kaspa holds a $2.1 billion market cap, making it the 38th largest crypto. Meanwhile, its trading volume is $29 million, putting it in 167th place.

The discrepancy between market cap and trading volume is likely due to no listings on leading exchanges like Binance or Coinbase. This presents a notable opportunity should the leading exchanges pick it up. That said, it also increases the risk of a “sell the news” dump, as seen with other highly anticipated listings like Pepe and Bonk.

Like Bitcoin Minetrix, Kaspa’s success is thanks to its captivating use case. According to its website, Kaspa is “the fastest, open-source, decentralized & fully scalable Layer-1 in the world.”

The project harnesses a Proof-of-Work consensus mechanism and a technology called blockDAG, which enables parallel blocks to be created simultaneously. This innovation has led to a one-second block time, intended to increase to 32 blocks per second in the future.

Meme Kombat

Meme Kombat is another crypto currently undergoing a presale. So far, the project has raised over $7.3 million, drawing investors with a compelling blend of meme coin and utility-based GambleFi token.

The project also features a staking mechanism offering a 128% APY. However, this will decrease as the staking pool grows, incentivizing early investors.

Meme Kombat lets users gamble on AI-generated battles between meme coin characters. Its incorporation of crypto gambling provides a unique look, tapping into the promising market that recently saw Rollbit soar to a $800 million market cap.

Meanwhile, analyst Austin Hilton believes including meme coin characters will compel different communities to partake in the game, gambling on their preferred character.

Furthermore, users will wager with the $MK token, offering a significant demand stream not usually seen in meme coins.

These factors are cemented by the project’s robust security and transparency efforts. Leading blockchain auditing firm Coinsult carried out a smart contract audit, which it found to be safe and secure.

Also, the Meme Kombat founder is doxxed, with his information and social media linked to the project’s website.

These factors have led to a massively successful presale, with less than $3 million left to raise until the hard cap. As such, those looking to buy should act quickly to not miss out.

Visit Meme Kombat Presale

Chiliz

Chiliz is a sports and entertainment-focused blockchain that has launched multiple popular fan tokens. The project enjoyed a notably bullish performance in 2021, climbing from a $85 million to a $4 billion market cap.

However, after selling off with the rest of the market, Chiliz has started to make a resurgence, up over 10% this month and 30% since October. 

Yet, unlike many other altcoins. Chiliz still holds tremendous room for growth to catch its prior bull market ATH, currently trading 89% lower.

The project holds an $837 million market cap and a $164 million 24-hour trading volume. It holds the 70th largest market cap but the 45th largest 24-hour trading volume, signaling strong interest and potential for a strong pump.

According to its website, Chiliz has launched 82 fan tokens and partnered with leading sports clubs like Paris Saint-Germain, Barcelona, and Manchester City.

The CHZ token has multiple utilities, including powering the Socios fan engagement and rewards app and ChilizX and Chiliz Chains.

Given its relentless partnerships, Chiliz could quickly grow as the bull market kicks in. 

This will likely occur when the market is confident and narratives turn to “how blockchain can impact the real world.” A similar feat occurred in 2021 when CHZ soared 45x in under three months.