According to a report from Santiment, a blockchain intelligence platform, the number of active Litecoin (LTC) accounts has spiked following the introduction of LTC20 and a corresponding jump to the notable increase in the amount of small wallets.
The growth in the number of active LTC accounts has positively contributed to a surge in network activity and a shift in supply distribution, according to Santiment’s tweet.
⚡ #Litecoin has its rapidly approaching #halving in August. With just 3 months to go, our latest insight looks at the sudden massive increase in active addresses, as well as how #LTC20 is shaking up the network activity and supply distribution of wallets. https://t.co/cwvxPfTZM6 pic.twitter.com/yXCHJkqiEo
— Santiment (@santimentfeed) May 12, 2023
The micro LTC addresses, that is, addresses with less than 0.001 LTC, have been on an exponential increase since the beginning of this month.
LTC Transactions Hits All-Time High
BitInfoCharts blockchain statistics reported that Litecoin conducted more than 576,000 transactions on Tuesday May 9th alone. This figure brought LTC very close to BTC which records an average of 598,000 transactions daily.
Compared to the beginning of this year, these number of transactions represent five times the average amount of transactions. This has now become the all-time high of LTC amidst an ongoing memecoin craze. It is also double the size of its previous all-time high in 2018 when there was a bull market.
Introducing LTC20 For Innovation
Markedly, the surge was attributed to the introduction of LTC20 because it happened at the time when the topic was trending in the LTC community. This LTC20 that is said to have caused this sudden spike is an experimental standard for Non-fungible tokens (NFT). The introduction of LTC20 is to bring about significant innovation and growth in the LTC ecosystem.
In response to Santiment’s tweet, some LTC community members attested to the fact that the surge which the ecosystem is currently experiencing, has had no tangible reflection on the price of the memecoin. At the time of this writing, LTC was trading at $80.68 according to CoinMarketCap. In addition, LTC halving is scheduled to be held in August, three months from now.
Memecoin Craze Overtakes Crypto Industry
Meanwhile, the memecoin craze and hype is getting more intense and many investors are flowing with the tide. Frog-themed PEPE memecoin has gained massive attention owing to its sudden price rally within a short while. In less than one month of gaining attention in the market, the memecoin hit a market capitalization of $1 billion taking many by surprise.
Milady Meme Coin (LADY) is another coin that has been making the rounds in the crypto ecosystem. Even PEPE investors are withdrawing their holdings to invest in LADY.
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