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Litecoin Hails Double Breakthroughs Amid Ongoing Struggles to Sustain Relevancy

Posted on October 12, 2023

A recent statement by Litecoin hails recent achievements to process 1.5 times more transactions this year compared to 2022 activity.

Litecoin shook off the recent hurdles to post record transaction volume in 2023 to date. Litecoin (LTC) realized an activity milestone by processing its 180 millionth transaction. This occurred for the asset that was once the second-biggest crypto after Bitcoin, struggling to maintain relevancy in the crypto investors’ eyes.

The Litecoin Foundation’s Tuesday post on X (previously Twitter) lauded the milestone. The statement portrayed that in 2023 alone, this platform has witnessed more than 51M transactions, exceeding 2022’s total of 39M.

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Litecoin Operational and Financial Health Drags Record Activity

Notwithstanding the successful initiative, Litecoin’s operational and financial status remains questionable. According to information from the GitHub repository, no code commits have been executed over the past five months.

The situation is worsened by the project’s native token with a similar name experiencing an astounding reduction of nearly 45% of its value since July. In this case, the local peak dropped from $114 to $63.

Digital Silver to Litecoin Fading Faster with Revenue Plunging

The downhill trend is a significant disparity to its spiraling around-the-clock high of $113, recorded some years ago. The digital silver to Bitcoin’s gold tale is no longer captivating.

LTC’s fee revenue also highlights the initiative’s clamorous journey, which, in spite of handling additional transactions compared to 2022, has dropped significantly.

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In May 2021, Litecoin’s generated fees peaked at $186000 during the earlier bull run’s agony. Nevertheless, Token Terminal data shows that this figure has dropped significantly by 68% to $6000. The extent of fluctuations indicates changing transaction volumes or the dynamics of user activity amid the bear market continuing to bite and push specific projects out of investors’ minds.

Blockworks Research shows that despite the platform having a circulating supply of 73.5M LTC as well as a $5.3B market cap, rising 2.2% over the past month, the crypto occupies the 15th spot. 


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