Litecoin's Active Addresses Surge: Is LTC20 the Reason?
As we approach Litecoin's halving in August this year, LTC has been experiencing some interesting market activity. Recently, @M.Indrak published an article highlighting that Litecoin transactions have hit record highs. In addition, we shared a YouTube video discussing the rapid ascent of Litecoin's small addresses in May.
While the transaction volume has only increased slightly, the number of active addresses on the Litecoin network has risen significantly. Active addresses refer to the unique addresses on the LTC network that are interacting and making transactions. This suggests that the majority of these transactions are relatively small in size. But what could be the reason behind this surge in active addresses?
One possible explanation is the introduction of LTC20 on Litecoin. LTC20 is an experimental standard for non-fungible tokens (NFTs), and its implementation has been a topic of discussion among Twitter users in the Litecoin community. When examining the LTC supply distribution, we can see that the smallest group of wallets, holding between 0 and 0.001 LTC, is growing rapidly in tandem with the increase in active addresses. This correlation suggests that LTC20 could indeed be the driving force behind the active address anomaly on the Litecoin network.
As we keep an eye on the market, it's worth considering whether the Litecoin hype will continue to build in the coming week. While we cannot predict the exact direction of the market, the current trends and potential influence of LTC20 on Litecoin's active addresses are certainly worth monitoring. Stay tuned and take care.
Thanks for reading!
If you enjoyed this insight please leave a like, join discussion in the comments and share it with your friends!
Never miss a post from Santrends!
Get 'early bird' alerts for new insights from this author