As bizarre as it sounds, Litecoin (LTC) has taken on the moniker of meme coin, which has caused its price to rise. Many were surprised when the officially recognized social media account of Litecoin posted the tweet, "I now identify as a meme coin,".
The recent designation of Litecoin as a meme coin has created a stir in the cryptocurrency community and led to a remarkable 29% increase in value. The humorous statement, "Because of today's market environment, I decided that I am a meme coin," revived Litecoin and created social media buzz.
Is LTC A Memecoin Now?
As investors welcomed the coin's move toward a lighter branding approach, trading volumes increased by over 96%, indicating a growing sense of optimism.
This modification aligns Litecoin with a meme coin movement that has gained significant user adoption and is led by Dogecoin and others. According to experts, if the present upward trend continues, the hype surrounding Litecoin could cause its price to reach $100.
This week has been interesting for Litecoin, which has seen a rise in renewed interest. In addition, the hash rate of the network recently pushed to a new record high at the end of the week.
This year, the hash rate for Litecoin has been increasing favorably. This suggests that significant mining investment has been occurring in anticipation of increased trading activity.
