A top-rated crypto analytics company, Santiment, has disclosed that one contentious altcoin may overtake Dogecoin (DOGE) and Shiba Inu (SHIB) as the most well-known memecoin.
According to a recent analysis by Santiment analyst, mtkachuk, Luna Classic (LUNC), the native token of the first Terra network, currently holds the title of “meme king crown.”
The report added that just analyzing the price and volume patterns, there is a structure in LUNC right now that is quite similar to what was occurring with DOGE about a year ago.
Both experienced an initial run-up, which was followed by a flat consolidation before the true mania started.
LUNC-related terms are also rated #1 and #8 on their social trends, according to Santiment, which is “another evidence of tremendous crowd engagement.”
Following the Ethereum network’s upgrade to proof-of-stake on September 15, the meme-inspired cryptocurrency, Dogecoin (DOGE) is now the second-largest proof-of-work (PoW) cryptocurrency in terms of market capitalization.
Dogecoin has a market cap of $7.83 billion, but Bitcoin (BTC) is still far ahead of it. The popular memecoin is still comfortably ahead of the third-place cryptocurrency. PoW cryptocurrencies Litecoin, Monero, and Ethereum Classic.
Ethereum’s switch to PoS may have increased pressure on cryptocurrency networks using PoW to switch to a more resilient consensus mechanism.
The Dogecoin Foundation has been discussing moving Dogecoin to a proof-of-stake algorithm since Vitalik Buterin, the co-founder of Ethereum and advisor to the Dogecoin Foundation, initially suggested it in September 2021.
The Dogecoin Foundation published their “Dogecoin Trailmap” in December 2021, outlining plans to create a Dogecoin “community staking” variant that is similar to PoS.