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Altcoin

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

The crypto analytics agency Santiment argues that one controversial altcoin might change Dogecoin (DOGE) and Shiba Inu (SHIB) as probably the most outstanding memecoin.

In a brand new analysis, a Santiment analyst often called mtkachuk says the native token of the unique Terra blockchain, Luna Classic (LUNC), now holds the “meme king crown.”

“Just observing the price and quantity patterns, there’s a really comparable construction in LUNC proper now to what was occurring with DOGE a yr and one thing in the past:

Both had an preliminary run-up, adopted by a flat consolidation, after which the actual craze started. Looking into social information, the same image seems:”

Enlarged
Source: Santiment

Santiment additionally notes that LUNC-related key phrases are ranked #1 and #8 on their social developments, which “is another sign of massive crowd attention.”

Source: Santiment

Luna Classic’s ecosystem collapsed in early May after Terra’s flagship stablecoin, TerraUSD (USTC), depegged. UST had aimed to change on a one-to-one foundation towards the US greenback.

Terra introduced a brand new successor blockchain in late May and gave it the unique Terra (LUNA) title, with the previous collapsed blockchain turning into Luna Classic.

LUNC is buying and selling at $0.000361 at time of writing. The Thirty first-ranked crypto asset by market cap is up practically 19% prior to now 24 hours.

Says Santiment,

“If next, we see a crash in LUNC to around $0.25 per 1000, followed by the last leg up above $0.8, then we can safely say that the crypto crowd truly never learns anything from the past, and it’s only a matter of time until a carbon copy of today’s event happens again.”

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Disclaimer: Opinions expressed at The Daily Hodl aren’t funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any loses chances are you’ll incur are your accountability. The Daily Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Daily Hodl an funding advisor. Please observe that The Daily Hodl participates in internet affiliate marketing.

Featured Image: Shutterstock/Denis Maliugi/Baroeki Std

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