Record-Breaking Litecoin Surges with 832K Activity Before Halving

Record-Breaking Litecoin Surges with 832K Activity Before Halving

Learn about the positive shifts and game-changing LTC-20 experimental standard that has gained traction among NFT fans and crypto enthusiasts, as well as the upcoming Litecoin halving event on August 10th, 2023, and how it will impact mining rewards and activity on the network according to blockchain analytics firm Santiment.

  • Litecoin’s halving event is gonna come on August 10th, 2023.
  • Growing on-chain volume is just one out of numerous positive shifts.
  • LTC-20 is a game changer, reveals blockchain tech analytics company Santiment.

Litecoin’s on-chain transaction volume gradually ascended earlier these 30 days when the OG crypto altcoin started capitalizing on increasing Bitcoin (BTC) and Ethereum (ETH) charges. Launched from a modified Bitcoin (BTC) code, Litecoin (LTC) proved its longevity once more as the LTC-20 experimental standard gained traction between Non-Fungible Token (NFT) fans and cryptocurrency enthusiasts looking to save on fees.

Nonetheless, the active wallets on the network resulted in a new record-breaking peak for addresses on the network simultaneously. Cryptocurrency trader Ali informed that 832,000 wallet wallets were interacting as senders or receivers, but that’s only one positive shift since the empirical LTC-20 protocol kicked in.

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Santiment Paints a Bright Picture for LTC

The BRC-20 protocol replica appears to find utility on the veteran altcoin’s network. Earlier in the year, Ordinals NFT protocol on Bitcoin (BTC) led to a rapid boost in network usage and an early 2023 Bitcoin (BTC) bull run, which saw Bitcoin break $30,000 for the 1st time since June 7th, 2022.

In addition of that, the LTC-20 protocol significantly expands the utility of Litecoin’s blockchain tech. For one, the non-fungible crypto tokens inscribed onto the smallest particles of LTC can be a means to immortalize digital relics. Secondly, LTC-20 brings the  potential to create coins on the network.

Reports by recent research by blockchain tech analytics company Santiment, the high demand for LTC-20 will continue contributing to the blockchain’s activity burst. This will likely be even more visible once the historic Litecoin halving occurs at a block height of 2,140,000.

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LTC halving means the mining bonus will be sliced from 12.5 LTC to 6.25 LTC. The halving procedure is gonna come on August 10th, 2023. Furthermore, Santiment specialists predict Litecoin miners will rush to mint as much $LTC as possible to get the juicier bonus in the next months.

On The Flipside

  • Numerous experienced cryptocurrency traders argue that LTC-20 and BRC-20 protocols significantly increased the percentage of scam projects on the network.

Why This Matters

The boost of the LTC-20 protocol for Litecoin represents a new chapter in the ever-evolving cryptosphere.

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