Litecoin declared itself a memecoin on Twitter, causing a 15% price spike to $82
The announcement sparked widespread social media engagement, including support from Dogecoin
Trading volume increased by 33% in 24 hours following the announcement
New memecoin LESTER emerged, reaching $100M daily trading volume
Litecoin’s mining hashrate hit all-time high of 1.35 PH/s in 2024
The crypto world witnessed an unexpected turn of events when Litecoin, traditionally known as the “silver to Bitcoin’s gold,” announced its new identity as a memecoin on November 14, 2024. The proclamation, made through Litecoin’s official Twitter account, triggered an immediate 15% price surge, pushing the cryptocurrency to $82.25.
Hey fam, @litecoin now identify as a memecoin, so can we help them out making a few LTC memes to get them started? Some kind of chibi mascot I think https://t.co/t8OiCPDNY6
The transformation began with a simple tweet stating, “Due to current market conditions I now identify as a memecoin.” This declaration marked a sharp departure from Litecoin’s previous serious image and sparked widespread discussion across the crypto community.
Trading volume responded swiftly to the news, jumping 33% within 24 hours of the announcement. This surge in activity indicated strong market interest in Litecoin’s new direction, with traders and investors quickly positioning themselves in response to the news.
The announcement came at a time when Litecoin had been trading between $50 and $70 for months, failing to match the momentum of other cryptocurrencies during the 2024 bull cycle. Even Bitcoin’s recent records had failed to lift Litecoin from its trading range.
The memecoin sector has been experiencing a revival, with coins like PEPE seeing gains of 83% following listings on major exchanges like Coinbase, Robinhood, and Upbit. Other memecoins including Dogecoin, dogwifthat, and Bonk also rallied approximately 25% each.
Dogecoin’s official account welcomed Litecoin to the memecoin community, encouraging followers to create fresh LTC memes. This interaction between established memecoins highlighted the collaborative nature of the space.
The announcement coincided with positive technical developments for Litecoin. The network’s hashrate reached a new all-time high of 1.35 PH/s, representing a 30% increase in 2024. Major mining pools F2Pool and ViaBTC currently produce more than half of all Litecoin blocks.
In terms of network usage, Litecoin maintains its utility with around 200,000 daily transactions. The cryptocurrency remains widely distributed, with the top 100 addresses holding 41% of the supply, and over 75% of the supply actively moving between addresses.
Meet Lester
A new development in the wake of Litecoin’s announcement was the emergence of Lester Coin (LESTER), positioned as Litecoin’s “meme-loving little cousin.” LESTER quickly gained traction, achieving $100 million in daily trading volume and securing listings on established exchanges like Gate.io.
Data from IntoTheBlock reveals that short-term holder balances have increased by 31% over the past month, suggesting a shift in market sentiment. This accumulation pattern often precedes major price movements.
Binance Pool, the fourth-largest mining entity, has increased its Litecoin mining activity in response to improved profitability conditions. The pool also benefits from mining Dogecoin and Bellscoin, which are merged-mined with Litecoin.
The cryptocurrency maintains its practical applications, featuring low transaction fees and serving as a transfer medium between exchanges. Recent whale activity includes an $800,000 transaction within 24 hours of the announcement.
Litecoin’s social media presence has undergone a complete transformation, adopting a more playful and engaging tone. The official account now regularly posts memes and witty content, marking a clear break from its previous conservative approach.
The market response suggests that Litecoin’s strategic pivot may help it break out of its recent trading range, with some analysts predicting a push toward the $100 mark.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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