This Meme coin could replace Dogecoin (DOGE) and Shiba Inu (SHIB) – Analyst

  • Santiment expects an upward growth of LUNC similar to DOGE and SHIB a year ago.
  • The firm describes how keywords relating to LUNC are rated #1 and #8 respectively on their social trends ratings.

In a recent twist of fate, there are strong indications that a new altcoin is gradually gaining attention in the cryptocurrency space. These indications by cryptocurrency analytical firm, Santiment, illustrate that altcoin is growing in prominence and is ready to dislodge both Shiba Inu (SHIB) and Dogecoin as the leading meme coins.

As revealed, the altcoin in question is the newly resurrected Luna Classic. According to a Santiment analyst identified as mtkachuk, LUNC is reciprocating a market performance trend that’s similar to what DOGE recorded in the past. With the trend, the analyst opined that LUNC is now the newly crowned king of meme coins.

Mtkachuk said, “Both had an initial run-up, followed by a flat consolidation, after which the real craze began. Looking into social data, a similar picture appears:” To further establish this opinion, he describes how keywords relating to LUNC are rated #1 and #8 respectively on their social trends ratings. This highly flying figure illustrates how the altcoin is gathering more attention across the cryptocurrency space.

In a parting note, Santiment offered somewhat of a cautionary statement to investors about LUNC. Santiment divulged that if the crypto space experiences a fall in LUNC to about $0.25 per 1000, coupled with the last leg up above $0.8, definitely investors haven’t learned from previous occurrences. This statement should caution crypto enthusiasts to invest wisely while conducting research before investing in any project.

LUNC founder arrested

Despite the recent positive note about LUNC, controversies have continued to follow the main brain behind the project, Do Kwon. Just today, reports emanated that a South Korean Court has ordered the arrest of Do Kwon and five others who are currently in Singapore. The development, as reported, manifested after investigations by South Korean authorities indicted the co-founder of perpetuating fraud with the Terra project.

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Read More: BREAKING: Terra Luna and Terra Luna Classic founder Do Kwon arrested in South Korea

More so, the South Korean prosecutors, in July, stormed the residence of Terraform Labs co-founder Daniel Shin. This move, as reported, is geared towards unraveling the circumstances behind the crash of the project.

Recall that Terraform Labs’ algorithmic stablecoin UST and its sister token, LUNA, crashed a few months ago, leaving investors with a loss of over $40 billion. Worth noting that a few months after the crash, Do Kwon rebranded the collapsed Terra USD into Terra Classic USD  (USDTC) and Terra (Luna) into Terra Luna Classic (LUNC). However, Kwon debunked the indictment, stressing that he also endured personal losses in the crash.

About Author

Olaleye Komolafe is a professional reporter with vast experience in web3, cryptocurrencies, and NFT journalism. He enjoys writing about the evolving metaverse sphere. Notably, some of his contents have been published in numerous publications.

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