The Cryptocurrency Litecoin (LTC) announced a decision that could mark a before and after in its community. In the midst of the “meme-mania” that was unleashed in the market that erupted after Donald Trump’s triumph, the digital currency created by Charlie Lee reported that from now on it perceives itself as a memecoin.
Through your official X account, the litecoin team made a publication, in order to add a humorous touch to the boom for memecoins what is currently on the market. “Due to current market conditions, I now identify as a memecoin,” he says in the post.
The publication generated hundreds of reactions like that of the user @SlorgoftheSlugsa figure known for his analyzes of the Solana network, who commented: “I could have sworn you always were.”
Quickly, the official LTC account answered: “It’s a lifestyle choice right now. “It’s probably just a phase.”
However, the reactions were not only in the field of social networks. It’s just that a few minutes after that post, The price of the digital currency rose 10% and thus managed to overcome the barrier of 80 dollars. Currently, the LTC quote is $80.59.
LTC price in the last week. Source: CoinMarketCap.
As CriptoNoticias has explained, Charlie Lee compared Bitcoin (BTC) and litecoin with gold and silverrespectively. Not because of their equivalence with respect to their market price but because of the usefulness they give to users.
In an interview he gave in 2021, Charlie Lee explained that gold and bitcoin They lend themselves to be applied as long-term investments. Likewise, he noted that silver and LTC provide greater fluidity by being more practical in everyday purchases.
However, time did not prove him right regarding the use of LTC and The reality is that the price of Litecoin is 80% below its all-time high (ATH) reached on May 9, 2021. Now the question is what will happen with this attempt to join the “meme-mania” what’s on the market.
The rise of memecoins
Donald Trump’s victory over Kamala Harris in the United States presidential election unleashed euphoria in the digital currency market. This happens because the Republican leader during his campaign expressed his support for cryptocurrencies and promised to promote friendly regulation with the industry to promote its growth.
Likewise, he announced that he will launch a Department of Government Efficiencywhose acronyms form DOGEthe same as the ticker of the dogecoin meme cryptocurrency. As Trump himself confirmed, that area will be directed by Elon MuskCEO of Tesla, along with politician Vivek Ramaswamy.
In this framework, the price of DOGE increased more than 120% in the last 7 days and its price is currently $0.41. Thanks to this rise, the memecoin that pays tribute to a viral Internet dog became the sixth most valuable of the market.
Dogecoin quote from January to November 14, 2024. Source: TradingView.
This phenomenon unleashed a “meme-mania” in the market because several of the cryptocurrencies that register the greatest weekly rise are memecoinsas seen in the following image.
Cryptocurrencies and tokens with the highest weekly rise. Source: CoinMarketCap.
It will be a matter of time to know if LTC’s move is just a strategy to attract attention, in the midst of this boom (as it seems to be), or if it really does a 180 degree turn and becomes a memecoin.
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
