The terra classic seems to be reclaiming the throne but unlike the several assets like Dogecoins, Shiba Inu (SHIB), and Safemoon (SAFEMOON) have all sprung up and lost the spotlight that surfaced and could not maintain the position.
As recently stated by the Santiment analysis, revealing some similarities among the price action of these meme coins, noting LUNC’s rise using metrics such as social presence and price movements, giving it the title of “meme king crown.”
According to the Santiment, the LUNC has recently risen to social dominance in the space, as demand pressure suddenly spikes judging by the increase in LUNC-related terms on social platforms. At the time of the Santiment report, LUNC-related terms took 1st and 8th positions in assessing social trends.
The continuous support offered for LUNC by the community has contributed to the reviving part of the token and over time the token has been showing strength in its price action.
As noted by the Santiment, LUNC’s community could see a repetition of a bearish occurrence that has remained a pattern with dominant meme coins.
However, Santiment cited some similarities between the Dogecoin and LUNC, referring to the Dogecoin’s increase in bullish social outlook contributing massively to the asset’s surge to the ATH of $0.73 in May of 2021. Billionaire and CEO of Tesla, Elon Musk’s public campaign for the asset on Twitter also conducted to the asset’s social dominance then.
As noted by the Santiment, both Luna Classic and Dogecoin enjoyed an initial run-up before encountering flat consolidation. After the consolidation, dogecoin had a massive rally starting the main craze.
Per social indicators of Santiment, it revealed a similar picture for LUNC; a true elevation for Terra classic is pending which will probably surface after the present consolidation.
LUNC has managed to keep its head over the $0.00025 level despite the recent bad experience. LUNC currently trades at $0.0002855 as of press time which is a 194% increase from the $0.000095 value the asset had exactly a month ago.
At the moment, LUNA classic is showing the sign of another spike, having gained by over 5% in the past 24 hours despite the bearish atmosphere. Another rally from LUNC could support its journey to solidifying its position as the king meme coin.