Litecoin’s shift into the memecoin arena was not amusing to lead Shiba Inu developer Shytoshi Kusama. With this, the mysterious character generates controversy with statements that go beyond his project. Ironically, he stated that he has no desire to interfere in the affairs of LTC.
In a post on the social network X, Kusama criticized the rebranding of the legendary Litecoin and even showed a tone of arrogance. Thus, referring to this change of currency, he wrote: “the memevengers are forming and I am beginning to feel like Thanos.” In the same text I continue: “take your L and leave, you don’t have Tony Stark in your squad.”
From the Litecoin community account they responded: “What is this? Eighth grade?” Next, Kusama resorted to arrogant words in another response: “states the intern who is dedicated to posting figures.” As you can see, Kusama has a strong beef with the fact that Litecoin adopts the meme coin label.
On November 14, the Litecoin account announced its move towards memecoins with a post on X. It read: “I now identify as a memecoin.” These surprising words resonated among the community and the price of LTC saw an immediate jump. Since that text was published, the token has risen by more than +17%.
They’re forming the memevengers and I am starting to feel like Thanos…@litecoin take that L and stand down. You don’t have Tony stark on your squad.
And even if you did…he would switch sides and put on the mask. pic.twitter.com/YWhRfVpA05
— Shytoshi Kusama™ (@ShytoshiKusama) November 18, 2024
Why is Litecoin joining the memecoin camp?
Litecoin’s reasons for adopting the meme tag are obvious. Although it is a legendary currency, its importance has been declining for several years. In 2019, this token was ranked in the top 5 globally in market capitalization and at that time many dubbed it digital silver (considering that Bitcoin is gold).
However, the rise of multi-purpose networks like Ethereum became a higher evolutionary trend. Thus, networks focused only on payment methods such as Litecoin were no longer attractive since they did not support ecosystems based on smart contracts. Despite the enormous usefulness of this currency in terms of speed and scalability, it did not offer more than this.
In simple words, the currency was unable to evolve with the new trends and was left behind. Now, the profitability of the memecoin sector becomes a way to regain investor interest. During the current bull market, the meme coin sector is the undisputed performance leader.
According to data from the Artemis portal, during the last month memecoins experienced a performance of +94.6%. This favoritism explains Litecoin’s reasons for adopting this new parody nature.
Although this currency decision was received with enthusiasm among investors, not everyone is happy. The reasons for Kusama’s annoyance are unknown, considering that new memecoins emerge every day that are Shiba Inu’s competition.
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