2023-06-21 17:33:02
Litecoin’s network activity has shown a significant increase in the past week, the number of daily active addresses and the number of new addresses has also increased by leaps and bounds. According to the June 19 data of the blockchain analysis company IntoTheBlock, the network activity of the Proof of Work chain showed a significant increase in the last week. While the number of unique addresses involved in LTC transactions jumped by 28%, the number of new wallets created on the network saw a remarkable 54% increase. These statistics also begin to support the proposition that “Litecoin can be the silver crypto next to Bitcoin gold.” The SEC left Litecoin alone Litecoin has not yet been affected by the ever-increasing regulatory pressure in the crypto sector, which has caused serious damage to even the best altcoins in its path. Because the SEC last month altcoins like Solana [SOL]a Cardano [ADA]a Polygon [MATIC] and Binance Coin [BNB], was declared a security, which caused serious shock waves in the entire sector. However, Litecoin has not been targeted by the SEC, and the regulator has not filed any lawsuits once morest them. The activity of whales and retail investors has also increased The activity of retail investors has increased greatly in the recent period. According to Santiment, the number of wallets with less than 10 LTC has grown exponentially in the past month and a half. The driving force behind this was the introduction of the LTC-20 token standard. However, the growth of LTC was not only fueled by retail investors. Among the whales, since the beginning of June, the number of those who own 1000 and 1 million tokens has increased significantly. The positive sentiment surrounding Litecoin has led investors to consider the token as a long-term investment. Most of the big investors who stockpiled LTC tokens in June have kept them and there is no sign of selling yet. Litecoin’s halving event is due in a month and a half, which will happen for the third time following 2015 and 2019. This might be another factor that might encourage LTC demand and further accumulation in the short term. Historically, the LTC price has always spiked following a halving. However, despite the remarkable results, the LTC token has fallen 17% in the past two weeks, according to CoinMarketCap. At the time of writing, the exchange rate was $84.6.
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