- Litecoin signals meme coin shift, driving a 15% price jump and sparking major buzz in the crypto market.
- Dogecoin supports Litecoin’s meme move, encouraging a mascot shift and attracting new investor interest.
- Litecoin joins meme coin trend as trading volume surges 91%, hitting a six-month high in market engagement.
Litecoin (LTC) is currently signaling its entry into the meme coin space, which has caused quite the stir in the crypto space. However, on November 14, Litecoin created quite a buzz and posted on social media, stating, “Due to current market conditions, I now identify as a memecoin.” This message, published on X (previously Twitter), became viral, and the subject of Litecoin as a meme coin and its potential came to the fore.
The post from Litecoin did not stable it from being spotted by its competitor and the first meme coin in the market, Dogecoin (DOGE). According to Dogecoin, Litecoin should fully embrace the meme coin status and take on a chibi mascot as a symbol. After this conversation, the price of LTC rose by 15%, and investors were pleased with the change of tone in the brand’s marketing. This significant price rise suggests that more and more individuals in the crypto community and investors are keen on LTC’s possibility to join the already popular meme coins.
Litecoin’s Market Shift
This new approach by Litecoin is in line with a general uptrend within the meme coin market. The last couple of weeks saw meme coins regain their footing on exchanges like Coinbase, Robinhood, and Upbit after the latest addition of PEPE Coin to the list of cryptocurrencies traded in these platforms; PEPE Coin’s price spiked by 83% within one day.
Other meme tokens were raised by the listing; Dogecoin, Dogwifthat (WIF), and BONK posted gains of more than 25%. LTC seems to join this trend deliberately for a number of reasons including the meme coins’ craze and probably to attract young investors who are influenced by trends.
Litecoin Volume Rises
As at the time of writing this report, LTC is trading at $80.17 having being priced at $84.35 at some point in the day while its lowest price was $72.70. This is a rise of 91.64% in trading volume which suggests that with more investors coming into the market they are taking notice of LTC. From the Coinglass data, LTC Open Interest has hit its highest level in six months showing increased trading and market participation.
Source: Coinglass
The move is significant since LTC has traditionally been considered a reliable currency and has been branded as the “digital silver,” a meme coin identity is a new development. Whether this move is part of a deliberate, sustainable plan or simply a temporary branding exercise, Litecoin’s entry into meme territory may well attract new investors and trading activity. This is a clear strategic move given that the cryptocurrency has had to find a new market niche given the existing competition in the market.
