• Litecoin (LTC) announced itself as a meme coin, causing its price to surge 13%
• This move was inspired by the recent frenzy surrounding meme coins like PEPE and WIF being listed on major exchanges like Coinbase and Robinhood
• Despite being created in 2013 as a Bitcoin analog, the 11-year-old LTC capitalized on the meme mania by rebranding itself as a memecoin
Litecoin, one of the oldest cryptocurrencies, made a surprise announcement that is causing its price to surge. The self-proclaimed “meme coin” status is generating buzz and bringing attention back to this top 10 crypto.
Litecoin Follows Dog Meme Coin Hype
Litecoin decided to jump on the meme coin bandwagon after dog-themed tokens like Dogecoin have recently mooned. New meme coins Dogwifhat and Pepe Coin were just listed on major exchanges Coinbase and Robinhood, with prices skyrocketing over 50%. Litecoin’s team was influenced by this meme coin mania and announced LTC is also now a meme cryptocurrency.
Litecoin Price Spikes Over 13%
The meme announcement caused Litecoin’s price to immediately spike over 13% in 24 hours. LTC now has a market cap over $6 billion. In comparison, new meme coins Dogwifhat and Pepe Coin have market caps around $400 million and $900 million after launching in 2023. The 11-year old Litecoin is hoping its new meme status will help close the gap.
Conclusion
Litecoin is the latest cryptocurrency trying to take advantage of the recent meme coin hype. By classifying itself as a meme coin, LTC saw its price jump double-digits overnight. It remains to be seen if this buzz can be sustained or is merely a short-term pump. However, the Litecoin team has succeeded in grabbing attention and igniting new interest in this aging crypto asset.
