Based on recent data, the Litecoin (LTC) network has seen a considerable surge in activity due to an increase in Ordinal inscription minting happening on its blockchain. The cryptocurrency's value has risen by more than 13% in the past week, although it has dipped more than 4% within the last 24 hours. Additionally, the Litecoin network is expected to halve its block reward in fewer than 77 days.
Litecoin Activity Soars With Ordinal Inscriptions Driving Transaction Boom
This week, Litecoin has experienced a significant volume of transactions, mirroring the recent activity on the Dogecoin network. This heightened activity is primarily attributed to the substantial influx of Ordinal inscriptions, with Litecoin registering over 2.58 million inscriptions to date. The growing number of inscriptions has significantly driven LTC's daily transaction volume this week.
On May 6, 2023, the number of LTC daily transactions surpassed 400,000. By May 10, four days later, LTC had processed over 584,000 transactions as documented by bitinfocharts.com. Just five days afterward, on May 15, Litecoin miners verified slightly above 500,000 transactions. Since February 22, 2023—when LTC recorded just over 13,000 Ordinal inscriptions—the figure has soared by an impressive 198,694% within a span of 85 days.
In contrast to its recent decline of over 4% against the U.S. dollar, LTC has registered a weekly growth rate of 13%. Ranked as the world's twelfth-largest cryptocurrency by market capitalization, Litecoin's Ordinal inscriptions have been circulating longer compared to Dogecoin DRC20s or "Doginals." Recently, Dogecoin saw its transaction numbers escalate significantly—reaching an all-time high of approximately 1.12 million DOGE transactions on May 17.
On or around August 3, 2023, LTC is projected to halve its block reward—from its current 12.5 LTC to 6.24 LTC. In line with this shift, Litecoin will become the next proof-of-work (PoW) blockchain to halve its reward allocation, preceding Bitcoin Cash (BCH), Bitcoinsv (BSV), and Bitcoin (BTC).
What are your thoughts on the significant surge in activity and transaction boom driven by Ordinal inscriptions on the Litecoin network? Do you believe this trend will continue, and how might the upcoming reward halving impact Litecoin's future? Share your opinions and insights in the comments section below.
Source: Bitcoin.com
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