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While Bitcoin (BTC) has taken center stage in the crypto market, several low-priced altcoins under $0.01, including Shiba Inu (SHIB) and Terra Classic (LUNC), have shown remarkable performance.
The broader crypto market has witnessed a resurgence, buoyed by Bitcoin’s upsurge, which has led to a 20% rise since Feb. 5. As a result, it becomes easy to lose focus on other cryptocurrencies as the premier crypto occupies the front page.
This report shifts the focus to six altcoins currently trading below the $0.01 mark which demonstrated remarkable resilience during the market downtrend and have begun to show promise amid the market recovery, with bullish sentiments compounded by their respective ecosystem developments.
Terra Classic (LUNC)
Terra Classic’s downfall during the Terra implosion of May 2022 left multiple investors devastated. However, this collapse also resulted in the project pivoting to a more community-based model, as members of its community took charge to champion rejuvenation efforts.
These efforts have persisted since then, leading to the formation of development groups such as the L1 Joint Task Force (L1JTF). In addition, the community has sustained the burn campaign aimed at significantly reducing LUNC’s extensive circulating supply.
As of press time, the burn campaign has resulted in the incineration of 98.8 billion tokens, with a goal of hitting the 100 billion mark soon. The community is championing several initiatives to bolster burns, as the asset still has a circulating supply of 5.78 trillion tokens.
Moreover, the staking mechanism is also another effort toward supply reduction. The number of staked tokens saw a drastic drop from 1.03 trillion to 1.02 trillion on Feb. 12. Nonetheless, this figure has continued to pick up, currently sitting at 1.024 trillion.
Meanwhile, LUNC is struggling to hold above the $0.00013 threshold amid the latest market correction. The token still retains some of its gains, up 2.74% at a time when BTC is down by over 1%. LUNC currently trades for $0.00012959, with a potential to record substantial gains amid ecosystem developments.
BitTorrent (BTT)
BitTorrent coin (BTT) powers the BitTorrent network, a peer-to-peer file-sharing platform that is owned by Justin Sun’s Tron. The BitTorrent network incentivizes network participants with BTT to share files and bolster their download speed.
Being closely related to the Tron project, BTT often reacts positively to bullish developments surrounding Tron. For instance, BTT rallied by as much as 12% on Feb. 15 following a burn involving TRX, the native token of the Tron network.
BTT is currently up 28% since Feb. 7, making it one of the biggest beneficiaries of the recent market rally. The token has shown immense promise in recent times, and bullish developments such as the upcoming BTIP-51, which aims to integrate file metadata into blockchain, could help contribute to its uptrend.
BTT currently changes hands at $0.00000103, down 1.90% over the past 24 hours. The token is witnessing a steeper correction following a massive surge to the resistance at $0.00000112 on Feb. 15 amid the TRX burn.
Shiba Inu (SHIB)
Shiba Inu has earned recognition as one of the preeminent mainstream assets, owing to its substantial community backing.
Created by the anonymous figure Ryoshi, the Shiba Inu project has been entrusted to the community’s care, with community-led endeavors consistently propelling its adoption.
The development of the Shiba Inu ecosystem has also contributed to this adoption, with a team of developers led by the pseudonymous Shytoshi Kusama constantly introducing multiple initiatives. Shibarium, the Shiba Inu layer-2 protocol, is one such initiative.
Shibarium has garnered much attention in recent times, boasting a daily transaction count of over 1 million, with a total of 353 million transactions. Shibarium uses 70% of its base transaction fees to burn SHIB and contribute to its deflation.
As a result, a greater Shibarium adoption is poised to drive more SHIB burns and bolster price action. The ecosystem team is also looking to introduce developments such as the SHIB Metaverse, SHIB Identity, and ShibaSwap 2.0.
These initiatives all center on Shiba Inu, the primary token, looking to bolster its adoption and increase demand. The asset currently trades for $0.00000964, down 2.3% over the past 24 hours. SHIB is looking to leverage the support at $0.00000941 to push toward $0.00001.
eCash (XEC)
eCash (XEC) is a cryptocurrency designed to function as a swift and scalable form of electronic currency. It represents a refined iteration of Bitcoin Cash ABC (BCHA), a fork of both Bitcoin and Bitcoin Cash (BCH). eCash claims to consolidate the best features of Bitcoin and Bitcoin Cash and Avalanche’s consensus protocol.
The asset has continued to register substantial gains in recent times, making it a top choice for market watchers in the coming bull run. In addition, the next eCash halving is scheduled to occur in April, in line with the Bitcoin halving.
This event is expected to further support eCash’s price action, as it coincides with a period when market analysts expect the broader crypto market to stage a massive uptrend. eCash currently trades for $0.00003317, awaiting the next market recovery to reclaim the $0.000035 level.
Siacoin (SC)
The Sia network facilitates decentralized cloud storage, empowering users to lease their underutilized hard drive capacity to others in need. This establishes a peer-to-peer network comprising both data hosts and renters.
Siacoin (SC) serves as the native token within the Sia network, utilized for transactions related to storage contracts and network fees. As the team behind the blockchain continues to push for more development, Siacoin is poised to benefit from these initiatives.
Siacoin is one of the biggest gainers in the recent market upsurge. The token’s current value of $0.01277 represents a 53.4% increase from its price on Feb. 8, suggesting that it has outperformed the broader market. SC recently hit a 22-month high of $0.014000 before retracing. The token is still up 49% this month.
SATS (1000SATS)
SATS (1000SATS) is a BRC-20 token that pays homage to Satoshi Nakamoto, the pseudonymous creator of Bitcoin. The asset was created as a meme coin by an anonymous team and is named after Satoshi, the smallest unit of Bitcoin.
Despite its status as a meme coin, SATS has garnered attention from investors, prompting a Binance listing last December. The asset skyrocketed 170% upon this listing as demand flooded into the market. This incident demonstrated the token’s penchant for rapid surges.
SATS is currently bucking the overall market trend, recording a 2.36% gain at a time when BTC is down along with most mainstream tokens. The asset currently changes hands at $0.0005223, having recently rebounded from the $0.0004977 support.