The era of meme-coins is hardly over but the reigning king of meme-coins appears to have a new face.
While dog-themed crypto tokens like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) enjoyed their time in the limelight, the crown of “meme-coin king” has been passed to Terra Classic (CRYPTO: LUNC), according to a report from Santiment.
Throughout the past few months, the #memeking crown has been handed off to $DOGE, $SHIB, #SAFEMOON, and even $LUNC. We continue to see that social dominance spikes have led to local tops for these kinds of assets in particular. Read our latest insight! https://t.co/GOR16gSAr7 pic.twitter.com/TREwQQRv2p— Santiment (@santimentfeed) September 12, 2022
“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,” stated the Santiment analysts.
“Both had an initial run-up, followed by a flat consolidation, after which the real craze began.”
When it was first created, LUNC or Terra Classic was far from what one would consider a meme-coin – usually tokens that investors pile into purely for speculation. At its peak, the smart contract platform, and its native token, was a well-established part of the crypto economy.
See Also: Is Terra (Luna) Dead?
The coin’s drastic collapse bore consequences for the wider crypto market and sent Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and several leading altcoins into a downward spiral.
“[LUNC] had a spectacular rise and an even more spectacular downfall, going literally to 0 and leaving even the most stubborn dip buyers begging for change on the side of the road. But now it turns out, the phoenix has risen from the ashes, and a whole new wave of speculation is rolling up to the crypto shores,” wrote Santiment.
Price Action: At time of writing, LUNC was trading at $0.0003209, up 230% over the last 30-days.
Image: Edited By Kurt Wild (Wikimedia Commons)
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.