Number of Active LTC Addresses Spiked as LTC20 Was Introduced

• Santiment tweeted their latest insights report for Litecoin (LTC) yesterday.
• The report suggested that the introduction of LTC20 caused the number of micro LTC addresses to surge.
• At press time, LTC was trading at $80.33 following a 2.66% gain in the previous 24-hours.

The blockchain intelligence firm Santiment shared their latest insights report for Litecoin (LTC) in a tweet yesterday. The post follows the massive spike in active addresses on the Litecoin network, and comes 3 months prior to the network’s next halving event in August. 

This spike in active addresses has ultimately resulted in increased network activity, as well as a change in supply distribution, the tweet added. Notably, there has been an exponential increase in micro LTC addresses, which are addresses with less than 0.001 LTC, since 1 May 2023.

In their report, Santiment attributed the increase in micro wallets on the Litecoin network to the introduction of LTC20 – an experimental standard for non-fungible tokens (NFTs). This assumption was made given the fact that the increase in active addresses on the network occurred during a time when LTC20 was a trending topic within the LTC community. 

At press time, LTC was trading at $80.33 following a 24-hour gain of 2.66% according to CoinMarketCap. The altcoin was able to outperform Bitcoin (BTC) as well, and was up against the market leader by 0.48%. Unfortunately, LTC was outperformed by Ethereum (ETH) and was down 0.39% against the leading altcoin.

LTC was also trading close to its daily high of $80.74, which suggested that LTC’s price may print a new daily high in the following hours. Meanwhile, its 24-hour low was at $77.85. With its market cap of approximately $5.85 billion, LTC was ranked as the 13th biggest project. This placed it behind TRON (TRX) and ahead of Binance USD (BUSD).

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