The bull run is here, and Litecoin made a move nobody saw coming. Litecoin, Bitcoin’s distant cousin, has rebranded itself as a “meme coin” since November 14, and its official X page has gone on overdrive with its witty, often nonsensical tweets in the past week. The coin has also seen an impressive surge due to their rebranding.
Picture this: A cryptocurrency that was once known as the “digital silver” for its reliable, no-nonsense approach, suddenly starts acting up as a Gen Z social media intern who’s had too much coffee for breakfast. But here’s the twist – it’s actually working! The market is loving this unexpected personality change, and Litecoin’s value has been riding the wave.
Moreover, Gate.io, a major US-based cryptocurrency exchange, appreciates Litecoin’s move and announced, “We are now officially the first major exchange to have listed Litecoin under the memecoin section. Send it,” Gate.io declared on their X (formerly Twitter) account, essentially giving Litecoin’s new identity its stamp of approval.
And Litecoin did not disappoint fans as it indulged in this hilarious banter with Polygon on X.
Litecoin’s X Account Turned Into a Meme Factory
Litecoin’s official X account has transformed into a meme factory, the LTC team posted some hilarious memes on their official X account. For samples, check out these hilarious statements.
The Journey to Meme Gold : Market Supports
The most interesting part of this drama is that the market took it optimistically. Since the rebrand, Litecoin has experienced a notable surge in value. In the last seven days, the Litecoin (LTC) price has surged by almost 14%, and it is currently trading at $88.98 with a market cap of $6.69 billion. The trading volume for the last 24 hours was $1.30 billion.
It appears that in the crypto world, the old saying “if you can’t beat them, join them” might have some merit after all. This small incident shows how the crypto market has evolved in the last 10 years. Now in the crypto space meme culture has become increasingly influential in driving market trends, as witnessed in the Litecoin case.
Did anyone wonder why DOGE spikes every time Elon Musk tweets or why other cryptocurrencies surge when endorsed by a celebrity? The answer lies in marketing and hype. Every time a celebrity comments on any digital asset, it gets a free promotion, and the social metrics of those assets, such as social volume and social dominance, spike, which positively impacts price.
Social dominance and social volumes are the metrics that describe that particular crypto in the hype and trend. These metrics indicate that the asset is getting mentions, and media coverage on social media platforms like Reddit, X, YouTube, and more.
Source: Tradingview
According to the trading view data, Litecoin price is trading in the bullish momentum above the key exponential moving averages of 50-Day and 200 day. Moreover, the RSI indicator also indicates bullish moves in the price as the RSI curve was at 63.78 in the bullish zone above the 14-SMA line.
Final Thoughts
Litecoin’s bold move, the transition from “digital silver” to memecoin status, represents a fascinating change in the crypto space. The strategy, while seemingly unconventional for an established cryptocurrency, has proven effective with a 14% price surge and increased market engagement.
Also Read: Lighting up your wallet: Why Litecoin Matters in 2024
