Troubles continue for Terra Luna Classic as its price drops 10% yesterday. There is seemingly no end to Terra’s problems as both LUNA and LUNC tokens are affected by the sudden price decrease. Fortunately, there are other penny cryptos that promise huge gains before EOY.
Binance’s announcement saying that the popular crypto exchange will stop its crypto payments service has had a chilling effect on numerous tokens, but Terra Luna and Terra Luna Classic seem to have taken the brunt of it. The massive drop was triggered by the major disagreement between the Terra Luna community and LUNC DAO, one of the key members of the Terra Classic community. The conflict resulted in several whales dumping their LUNC tokens and starting a fire sale among other investors.
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The price drop has forced many investors to start dumping both tokens before they slide even further and started looking for the best penny cryptos to buy now for gains in 2023. The top candidates are Wall Street Memes (WSM) and Sonik Coin (SONIK), two meme coins that have been on everybody’s lips lately.
LUNC Price Drops 10% Following the Conflict with LUNC DAO
Terra ecosystem was at one point one of the most promising crypto projects on the market, reaching a $60 billion market cap. Then it all came crashing down in May last year with a total collapse of terraUSD (UST), the project’s stablecoin. LUNA followed a few days later, falling from $80 per token to just a few cents. Almost $45 billion in market cap was lost in less than a week, plus hundreds of billions in accompanying losses spread over the entire crypto market. The effects were devastating for the loyal community that grew around the project, and have led to Do Kwon, Terraform Labs’ CEO, ending up in jail in South Korea.
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The now-leaderless community did its best in the past year to preserve what was left of the Terra Luna ecosystem and for a while, there was at least a glimpse of a light at the end of a tunnel. However, in early August another disaster struck as FireBlocks announced that it is ceasing support for Terra Luna Classic, citing “a high risk of loss of funds and overall instability” as a reason. This prompted several crypto exchanges, including Binance, to consider delisting LUNC, which would effectively drive the last nail in its coffin.
LUNC DAO, one of the founding members of the Terra Luna community decided to step in and asked to be named CEO in a last-ditch effort to save LUNC. A part of the community was quick to reject this proposal, which resulted in several whales dumping their LUNC tokens and causing a 10% drop yesterday. Just how many tokens were sold is indicated by a rapid rise in trading volumes for both LUNC and LUNA, which increased by 173% and 70% respectively. With LUNC on its last legs, it is hard to see the way out for not just LUNC and LUNA, but the entire ecosystem.
As smaller investors take the cue from whales and start to sell off every last LUNC from their portfolios, two penny cryptos may be the unexpected beneficiaries of the LUNC saga. Both WSM and SONIK have enjoyed increased attention from investors looking to invest their capital raised by the LUNC sell-off. This will speed up their presales, pushing them closer to their hard cap goals and moving forward their first listings. The downside is that there is that much less time to buy these tokens before they appear on crypto exchanges and their prices explode.
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Wall Street Memes (WSM) – Meme Coin With a Record-Breaking Presale
Wall Street Memes is having a record-breaking presale, having raised more than $24 million so far, and is days away from its hard cap goal. There isn’t much time left to buy this amazing meme coin cheaply for just $0.0334. Getting it at this price will set you up for some massive ROI, as experts agree that it can easily pump 100x as soon as it appears on crypto exchanges.
The token is created by the same team that brought us the Wall Street Bulls NFT collection, which famously sold out in 36 minutes flat, so their credentials are impeccable. Now they have taken on another project, also backed by the community around r/wallstreetbets and more than a million strong. The entire movement behind both projects is fueled by anger and resentment toward the Wall Street establishment and they see WSM as their badge of honor. With such massive community backing, it is easy to see why so many analysts predict that Wall Street Memes will be the best penny crypto to buy for gains in 2023.
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Sonik (SONIK) – The Fastest Penny Crypto on the Market
Unlike LUNC, Sonik is a pure meme coin with no inherent value, but since meme coins seem to be all the rage this year, it is one of the most promising penny cryptos on the market. The team behind SONIC repeatedly stated that their token has no affiliation whatsoever with its much more famous cousin Sonic the Hedgehog or any other SEGA products. Considering just how brutal, trademark laws are, it is easy to understand their concern.
Sonik is a made-up character loosely based on SEGA’s iconic franchise. It vaguely resembles real Sonic, only less smart. But what Sonik lacks in intelligence, he more than makes up in speed and he plans on using that speed to become the fastest crypto to reach a $100 million market cap ever. At least according to the developers.
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The token is currently in presale and is racing away toward its hard cap goal. The hype that has been building around it confirms analysts’ prediction that its price may explode once it hits the open market, so you may want to add as many of these tokens as you can to your portfolio before that happens.
Decentraland (MANA) – Penny Crypto with a Massive Market Cap
Penny cryptos don’t usually have huge market caps, but Decentraland is an exception to this rule. The metaverse world of Decentraland is one of the most active ones on the web, with users paying huge sums for digital real estate in it. Despite that, its native token MANA is hovering around $0.30 for several months now, a far cry from its all-time high of $5.16.
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The sheer number of MANA tokens ensures that its market cap is well above $500 million, but Metaverse is not highly regarded at the moment. After Meta’s disastrous results, it remains to be seen whether it will become a major concept or remain just another exotic idea that didn’t pan out.
Conclusion
With Terra Luna Classic dropping another 10% due to a conflict between a part of the community and LUNC DAO, most investors have started dumping the once-prospective token. They are turning to other penny cryptos to buy and see gains in 2023 and the top candidates are WSM and SONIK. These meme coins aim to replicate the success of Pepe Coin and other cryptos that shook the market earlier this year and it would seem they are succeeding.
