A ‘Phoenix Has Risen’: A New Meme-Coin King Usurped The Crown From Dogecoin, Shiba

The era of meme-coins is hardly over but the reigning king of meme-coins appears to have a new face.

While dog-themed crypto tokens like Dogecoin DOGE/USD and Shiba Inu SHIB/USD enjoyed their time in the limelight, the crown of “meme-coin king” has been passed to Terra Classic LUNC/USD, according to a report from Santiment.

 Throughout the past few months, the #memeking crown has been handed off to $DOGE, $SHIB, #SAFEMOON, and even $LUNC. We continue to see that social dominance spikes have led to local tops for these kinds of assets in particular. Read our latest insight! https://t.co/GOR16gSAr7 pic.twitter.com/TREwQQRv2p

— Santiment (@santimentfeed) September 12, 2022

The blockchain analytics firm observed that in recent months, DOGE’s social dominance has faltered while LUNC’s spiked to new highs.

“Just observing the price and volume patterns, there’s a very similar structure in LUNC right now to what was happening with DOGE a year and something ago,” stated the Santiment analysts.

“Both had an initial run-up, followed by a flat consolidation, after which the real craze began.”

When it was first created, LUNC or Terra Classic was far from what one would consider a meme-coin – usually tokens that investors pile into purely for speculation. At its peak, the smart contract platform, and its native token, was a well-established part of the crypto economy. 

See Also: Is Terra (Luna) Dead?

The coin’s drastic collapse bore consequences for the wider crypto market and sent Bitcoin BTC/USD, Ethereum ETH/USD and several leading altcoins into a downward spiral.

“[LUNC] had a spectacular rise and an even more spectacular downfall, going literally to 0 and leaving even the most stubborn dip buyers begging for change on the side of the road. But now it turns out, the phoenix has risen from the ashes, and a whole new wave of speculation is rolling up to the crypto shores,” wrote Santiment.

Price Action: At time of writing, LUNC was trading at $0.0003209, up 230% over the last 30-days.

Image: Edited By Kurt Wild (Wikimedia Commons)