Between June 10 and 17, the number of new addresses on the Litecoin network increased by 54.6%, surpassing the 300,000 mark.
Active addresses & new addresses are back on the rise for #litecoin. Daily active addresses saw a 28% 7-day increase & new addresses saw a 54.6% 7-day increase!
Source: https://t.co/POjEVdh92n pic.twitter.com/PCbcGV7mFH
— IntoTheBlock (@intotheblock) June 19, 2023
In parallel, the number of active wallets increased by 28% to 400,000.
In the same week, there was a message about reaching a record level of 200 million addresses. Litecoin has surpassed the Ethereum blockchain, which has about 180 million created wallets in total, according to Glassnode.
BREAKING: Litecoin hits a record milestone of 200 million total addresses! 🔥 pic.twitter.com/sr6tqqfuUI
— Litecoin (@litecoin) June 17, 2023
It is likely that the surge in network activity is related to the upcoming halving, which is scheduled for August 4, 2023. The current block reward in Litecoin is 12.5 LTC. After the designated date, the amount will be halved to 6.25 LTC.
According to analyst Shan Bellew, in May, the blockchain momentarily surpassed its “parent” network in terms of the daily number of new addresses.
3️⃣ New Addresses per Day: For the first time in May, Litecoin surpassed Bitcoin in terms of new addresses per day. Currently, Litecoin is adding 324k new addresses daily, while Bitcoin adds 434k new addresses daily. This surge in new addresses demonstrates Litecoin’s usage. pic.twitter.com/35nrwc69TB
— Shan Belew Ⓜ️🕸 (@MASTERBTCLTC) June 18, 2023
Bitcoin is five times larger than Litecoin in total wallets at 1.14 trillion.
At the time of writing, LTC is trading at $77.25. The market value of the cryptocurrency decreased by 0.36% per day.
Recall that in February, an analogue of the Ordinals protocol was launched on the Litecoin network, which allows users to place various objects in the form of images, text, video, and in other formats.
In May, the non-profit organization Litecoin Foundation entered into an agreement with cross-chain swap aggregator Rubic to speed up, anonymize and increase the security of transactions.
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