2021 was the year of meme currencies like Dogecoin (DOGE) and Shiba Inu (SHIB) which gained massive traction. However, that didn’t last for long as the interest slid down as other prominent cryptocurrencies gained the interest of the market participants.
The Terra Classic (LUNC) was introduced after Terra (LUNA) collapsed in May. However, after experiencing some terrible days and almost falling to zero, LUNC is now experiencing a notable price rise which is much similar to that of Dogecoin.
As per Santiment data, LUNC is witnessing fresh traction which has seen investors flocking in to invest. To give an example, LUNC’s price movement and trading volume are mirroring that of Dogecoin in 2021.
What’s more fascinating here is that both LUNC and Dogecoin have risen in the initial stages before consolidating and then gaining traction.
Terra Classic (LUNC) Sees A Rise In Social Interest
Even the social trends are seeing a rise in interest in LUNC, because as of September 8, Santiment’s data revealed that the keywords that were related to LUNC ranked in the first and eighth positions. This shows how the currency has started to gain attention. Hence, in the coming days, LUNC is expected to decline, just like Dogecoin and Shiba Inu did.
After Terra’s LUNA collapsed along with TerraUSD (USTD), losing its peg against the US dollar in May, LUNC entered the list of the best-performing cryptocurrencies. This is because the currency saw an increase in buying pressure created by investors.
At the time of reporting, LUNC is changing hands at $0.00038 with a gain of nearly 20% in the last seven days. However, in the last 24hrs, the currency is experiencing a plunge of 0.16%.
As per the reports, the money that is going out of LUNC is most probably entering Terra 2.0 (LUNA) as they are connected with a single network. In the last seven days, LUNA has gained a whopping 150% and is now trading at $4.76.
The reason LUNA is experiencing such immense gains is that the community has adopted a short squeeze method to pump the price. On the other hand, even LUNC developers are increasing their network activity.