Litecoin (LTC) Announces New Identity as a Memecoin, Sparking 15% Price Surge

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.

Litecoin has announced that it now identifies as a memecoin, sparking a 15% price surge and a flurry of reactions from the crypto community.

The Litecoin team made the proclamation on Twitter on November 14, stating, “Due to current market conditions I now identify as a memecoin.” This marked a departure from Litecoin’s previous serious image and generated immediate discussion across the crypto sphere.

The move comes as 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 record highs had failed to lift Litecoin from its trading range.

However, the memecoin sector has been experiencing a resurgence, 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 also 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 also remains widely distributed, with the top 100 addresses holding 41% of the supply, and over 75% of the supply actively moving between addresses.

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