One Altcoin May Replace Dogecoin (DOGE) and Shiba Inu (SHIB) As Number One Meme Coin, Says Analytics Firm

Crypto analytics firm Santiment claims that one of the controversial altcoins could replace Dogecoin (DOGE) and Shiba Inu (SHIB) as the most famous memecoin.

new analysisA Santiment analyst known as mtkachuk says that the native token of the original Terra blockchain, Luna Classic (LUNC), now holds the Meme King Crown.

Just by looking at the price and volume patterns, LUNC today has a very similar structure to what was happening with DOGE a year or so ago.

Both had an initial run-up, followed by a flat consolidation, and then the real frenzy began. Examining social data shows a similar picture.

Santiment also notes that LUNC-related keywords rank #1 and #8 in Social Trends.

The Luna Classic ecosystem collapsed in early May after TerraUSD (USTC), Terra’s flagship stablecoin, was de-pegged. The UST was intended to exchange 1:1 against the US dollar.

Terra unveiled its new successor blockchain in late May, naming it the original Terra (LUNA), while the old collapsed blockchain became Luna Classic.

LUNC is trading at $0.000361 at the time of writing. The 31st-ranked crypto asset by market capitalization is up nearly 19% over the past 24 hours.

Santimento says.

If LUNC then plummets to about $0.25 per thousand followed by a final leg above $0.8, we can safely say that the crypto crowd has learned nothing from the past. The problem is that the carbon copy of today’s event happens again.

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