LUNC Hype: Here's How Terra Classic Cast a Shadow on Memecoins

In the last 30 days, Terra Classic (LUNC) prices 

have risen by a whopping 463%. Prior to the recent surge, which began on August 23, the rebranded Terra cryptocurrency was mostly trading at around $0.000097. 

According to CoinGabbar statistics, Terra Classic (LUNC) is currently trading at $0.0005384, up 17.01% in the last 24 hours. The new wave of LUNC speculation is comparable to the memecoin boom that happened last year.

Terra Classic Is The Memecoin Of Current Cycle?

The current LUNC boom is comparable to last year's bull run when memecoins rose to prominence. To a large extent, DOGE and SHIB dominated the memecoin industry. 

An interesting observation from Santiment Insights points to the similarities between last year's memecoin rise and the current LUNC rally. After all, prominent cryptocurrencies rarely see such a big pump in such a short period of time. The recent "spectacular surge" was followed by an even more spectacular downfall earlier this year.

“Previously, the meme king title was owned by DOGE, SHIB, SAFEMOON, and others. However, there is no doubt that $LUNC is the name of the game today.”

According to sources, the recent LUNC surge resembles the DOGE rally seen during the last bull market cycle. This is based on observations of both cryptocurrencies' price and volume trends. Both saw an early run-up, followed by a flat consolidation before the true craze began.

In contrast to the LUNC price movement, Dogecoin (DOGE) has seen a downward trend over the last month. DOGE is currently trading at $0.06245, up 2.30% in the past 24 hours.

Huge Social Activity Around LUNC As Prices Increases

Also, a similar trend is observed when looking at social data. On social platforms, people are constantly searching for LUNC-related information and developments as the price rises. LUNC-related keywords are currently dominating numerous social trends. This might be an indication of tremendous crowd interest in Terra Classic (LUNC).

Read also: Binance Pool Joins Top Mining Firms To Support ETC