Interesting and unexpected narratives continue to rule the crypto market and influence asset prices on it when, amid a new wave of meme mania, market old-timerLitecoin (LTC) announced that it too is identifying itself as a meme cryptocurrency given current market conditions.
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Apparently the Litecoin team was impressively influenced by yesterday's frenzy amid the listings of tokens like dogwifhat (WIF) andPepe Coin (PEPE) on major U.S. exchange Coinbase. Moreover, the frog token was also listed on Robinhood US, the leading brokerage platform in the States.
Due to current market conditions I now identify as a memecoin.
— Litecoin (@litecoin) November 14, 2024
As a result, theprice of PEPE rose by 50% yesterday at its peak, breaking the historical record of its value and setting a new one. However, it did not last long either, as PEPE rose another 10% today, and its all-time high is now set at $0.00002597 on Binance.
As for dogwifhat (WIF), which has become a true 2024 sensation, the Solana-basedmeme cryptocurrency featuring a cute dog wearing a knitted hat was also listed on Coinbase yesterday and as a result rose over 65% intraday, going from a low of $2.87 to a high of $4.734.
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Not surprisingly, against this backdrop, Litecoin, which was conceived as a Bitcoin analog back then in 2013, also decided to declare itself a meme coin. While WIF and PEPE, which appeared in 2023, have already reached capitalizations of $4.17 billion and $9.43 billion, respectively, LTC, which is already 11 years old, has a capitalization of $6.16 billion - and this after today's growth of 13% on this humorous announcement.
