After a turbulent couple of months for Terra Luna Classic, its price has broken down, descending 12% in the last 24 hours.
The sell of begun yesterday when LUNA cascaded from $0.00007734 to lows of $0.00006512 in minutes. However, this was to be expected, as the overarching sentiment for LUNC has been bearish in the past month, down 24%.
Let’s take a closer look at LUNC’s bearish descent and three penny cryptos that traders are backing as alternatives.
Broader Market Sells-off But LUNC Fares Worst Amid Internal Conflict
Over the past 24 hours, major top cryptocurrencies such as Bitcoin, Ethereum, BNB and XRP are down. BTC is down -0.69%, ETH -0.88%, BNB -1.83%, and XRP -4.08%.
That said, Luna Classic (LUNC) has fared worse, recently touching the -12% mark.
While part of LUNA’s recent dump is inevitably a result of the broader market’s sell-off, the amount it has dumped shows something more severe is at play.
Looking at Luna Classic community members on Twitter shows there has been an internal conflict in recent days regarding the control of the protocol. A recently concluded proposal suggested implementing validator LUNC DAO to lead the chain.
However, the proposal was rejected, and a subsequent major sell-off occurred. Another prominent LUNC validator, Crypto Classy, alleged that the sell-off was due to LUNC DAO dumping coins to cause panic and repurchase the coins at a lower price, aiming to take over the network.
This is one of the recent sagas faced in the LUNC community, and it has begun to leave a distaste among the community.
A recent comment on the CoinMarketCap community board compared LUNC to a “sinking ship”, continuing that there is “one too many holes to plug”.
The recent sell-off is, unfortunately, a trend continuation for Terra Luna Classic, with the coin down 24% in the last month and 29% in the last year. That said, the price is currently down 86% from its 09 September 2022 yearly high of $0.0005169.
Meanwhile, several penny cryptos are displaying significant bullish potential, holding firm while top cryptos struggle. Let’s examine them below.
3 Penny Crypto Alternatives to LUNC
As the Terra Luna Classic price continues to struggle, here are three alternative penny cryptos that traders are backing to see gains in the near future.
The Race to $100 Million Begins for New Stake-to-Earn Sonik Meme Coin, Presale Now Live
First up is Sonik Coin, a new Stake-to-Earn meme coin inspired by the famous multi-billion-dollar Sonic the Hedgehog franchise.
Similar to Sonic the Hedgehog, Sonik Coin is lighting fast – but that is where the similarities end. Rather than racing for gold rings, Sonik Coin has its capitalistic meme coin degen trainers on, aiming to be the fastest token to reach a $100 million market cap.
However, Sonik Coin is not an ordinary meme coin. It boasts a cutting-edge Stake-to-Earn mechanism, enabling users to start earning yield immediately, despite still being in its presale.
The presale has raised $27K, priced at $0.000014 with a $2,098,547 hard cap. The price will remain constant throughout the presale, giving all investors equal opportunity to buy to solidify the community.
There are 50% of tokens available at the presale, 40% will be allocated to staking rewards and 10% to DEX liquidity to ensure seamless trading $SONIK.
Another project, BTC20, boasted similar tokenomics and pumped 600% immediately after its recent presale.
While Sonik Coin’s potential remains to be seen, it’s modest $2 million presale hard cap and unique staking mechanism could present tremendous upside potential.
One Million Strong Community of Wall Street Memes Pushes the Presale Past $24 Million, $50K Airdrop Incoming
Wall Street Memes is a another prominent presale meme coin that has raised a staggering $24 million in under three months. This has led many analysts to predict Wall Street Memes could become a top meme coin following its initial exchange offering.
There are numerous reasons for its successful presale. However, one of the most obvious is that it already had over one million followers across all social media platforms before launching the presale.
The value of meme coins is ultimately driven by community and hype, so this factor alone will have played a massive role in its triumph.
However, another reason for its success is that Elon Musk has engaged with the Wall Street Memes Twitter account several times. Musk is likely the most influential figure in the meme coins space, evident in his impact on the Dogecoin price in the last bull run.
In celebration of its presale, Wall Street Memes is running an airdrop worth $50K. The prize will be split among five winners, and participants get up to seven entrees each by completing simple tasks like following the Wall Street Memes Twitter.
New Crypto Analytics Platform Launchpad XYZ Helping Users Find the Next Pepe, Raised $1.3 Million So Far
Turning away from meme coins, Launchpad XYZ is an analytics and all-in-one web3 dashboard, empowering users to do everything from finding the next Pepe to automatically executing trades, all from one place.
The platform’s native token $LPX is currently available at presale and will be used to power the platform and pay for services.
So far, the presale has raised $1.3 million, with the current $LPX price at $0.0445. However, the price is set to increase incrementally as the presale progresses, with the next hike coming once it raises $1.55 million.
Launchpad XYZ boasts countless features, intending to make web3 as simple and seamless as possible. According to its whitepaper, the project aims to onboard the next 10 million users to crypto.
Users can create and backtest trading strategies on Launchpad XYZ and then use its built-in trading terminal to execute them automatically.
Another of its most anticipated features is its “Launchpad Quotient” (LQ). This is a cutting-edge ranking system leveraging over 400 data points to tell users what’s hot and not in the world of crypto assets. The team also recently introduced “Apollo”, an AI technology to provide data insights on the best assets.
With that in mind, investors looking to secure the best $LPX price must be quick, as it is set to jump once it raises another $250K.