Litecoin(LTC) sparks meme coin speculation, boosting its price by 12.07% in 24 hours.
Dogecoin welcomes Litecoin’s meme coin move, suggesting a chibi mascot for promotion.
LTC’s rising open interest and trading volume hint at growing Litecoin interest.
Litecoin (LTC) is reportedly signalling its interest in joining the meme coin space, which has created a new buzz in the crypto space. The cryptocurrency, often presented as an alternative to Bitcoin, trended on social media following an X post on November 14 that read, “Due to current market conditions, I now identify as a memecoin.”
DOGE Supports Litecoin’s Move
In an X post on Thursday, Dogecoin (DOGE) applauded Litecoin and suggested that LTC should adopt a “chibi mascot” as it embraces the meme coin culture. The move resulted in an instantaneous 12.07% rise in the value of Litecoin, showing the increasing interest in the cryptocurrency.
This change of tone occurred amid a broader meme coin surge fueled by the recent addition of PEPE Coin to crypto exchanges, including Coinbase, Robinhood, and Upbit. The listing pumped the price of PEPE by 83% within a day of the event. This, in turn, enabled other meme coins such as Dogecoin, Dogwifthat (WIF), and BONK to experience an upward swing of more than 25%. In this climate, Litecoin playing the meme coin game could be a strategy to get a piece of this action.
Surge In LTC Trading Activity
As of press time, the LTC is valued at $81.32 with the price touching a high of $84.35 and a low of $72.70 and the trading volume increased by 51.02%.%. This may have been occasioned by increased interest from traders which may suggest change in the market.
According to Coinglass, Litecoin Open Interest has hit a six-month high, which could mean the market is very active. This has contributed to the recent volatility in the Litecoin market, which has been consolidating since August.
Meme coins are the latest trend, captivating investor interest, and now Litecoin is eyeing the opportunity to join the trend. Although it is still unclear what the long-term view for the company is, the recent boost in its price and trading activity may signal future gains. The market is still very liquid, thus setting the stage for further gains in cryptocurrency.
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