According to BlockBeats, on November 20, Litecoin's official Twitter account addressed a recent misunderstanding involving a new meme coin. Nearly a week ago, the account humorously declared, "Due to current market conditions, I now consider myself a meme coin." This lighthearted remark was intended to jest about the state of the cryptocurrency market and serve as a form of self-deprecation.In a playful response, Dogecoin designed a new mascot for Litecoin to accompany the post. However, this gesture led to unintended consequences when a group of individuals used the mascot to create "lestercoin" on the Solana blockchain. While this action is technically legal in a free market, it has caused confusion among followers of the @litecoin account. The account clarified that it has no connection to the Solana project using the Lester name or image and does not intend to promote or endorse such projects. It emphasized that Lester is not Litecoin's official mascot.

According to Odaily, the recent significant drop in Bitcoin's value has been attributed to various factors by market observers. These include selling pressure from Bitcoin mining operators, Mt.Gox refunds, and recent sell-offs by the German government. However, Greg Cipolaro, the research director at NYDIG, stated in a report on Wednesday that these claims have been exaggerated.He added, 'While sentiment and psychology may play a dominant role in the short term, our analysis suggests that the potential impact of sell-offs on the price may have been overstated. We are not unaware that other factors are at play, but we can reasonably assume that rational investors may find this an interesting opportunity created by irrational fear.'Cipolaro also stated that recent reports about miners significantly reducing their Bitcoin reserves after this year's halving event have not only been exaggerated but are completely inaccurate in some cases. NYDIG's data shows that listed mining companies actually increased their Bitcoin holdings in June. Although the amount of Bitcoin sold last month has slightly rebounded, it is still far below the levels seen earlier this year and last year.