After a rapid rise in meme coins in 2021 led by Dogecoin (DOGE) and Shiba Inu (SHIB), interest in the two assets appears to have waned in line with the general cryptocurrency price action. However, it appears that Terra Classic (LUNC), the old chain of the collapsing Terra (LUNA) ecosystem, is taking the throne.
In particular, LUNC experienced significant growth after its price reached nearly zero, and its movement increasingly reflected the trajectory of DOGE, and analysis feelings Indicates.
The analysis indicates that LUNC is registering a new wave of public interest, as investors pour more money into the asset. For example, LUNC price and volume are currently following the same DOGE pattern at the same time last year.
Interestingly, both symbols posted an initial recovery before embarking on a steady hold followed by a resumption of significant interest.
LUNC dominates social searches
Likewise, interest in LUNC also reflected social trends with keywords associated with LUNC, as of September 8th, occupying first and eighth positions on the Santiment tracker, resulting in increased interest among audiences. Based on this trend, the study suggests that LUNC is likely to collapse, similar to DOGE and SHIB.
Overall, after Terra’s crash, LUNC emerged among the top performing cryptocurrencies, registering significant buying pressure as investors seek to regain lost glory. At press time, LUNC is trading at $0.0003738, after posting gains of more than 30% over the past seven days.
However, on the 24-hour chart, LUNC is seeing selling with losses of 16% within 24 hours, a scenario linked to potential investor withdrawals.
Track money leaving LUNC
Amid the sell-off, the analysis further shows that the money leaving LUNC is likely to go to Terra 2.0 (LUNA), given the relationship between the two origins. Along those lines, LUNA has pumped more than 160% over the past seven days when trading around $4.80 at press time.
It is noteworthy that the price movement of the tokens of the collapsed LUNA ecosystem was primarily driven by community activity, which resorted to short squeezes to raise the price. Likewise, assets continue to receive support from crypto entities such as exchanges.
In addition, LUNC developers are working to increase network activity with the goal of providing a benefit to the asset. For example, the developers have introduced a burn-in mechanism to reduce the supply of the token and this will likely lead to higher prices.
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Post-Terra Classic Dominates Meme Coin Scheme to Bypass DOGE and SHIB, Study First Appears on Coinphony.