Litecoin Rips on Address News

Litecoin (LTC) is up 5.55% on the day, offering a 20-day trend buy signal. The recent market gains for LTC appeared two days after IntoTheBlock tweeted favorably about the token.

In the tweet, the blockchain analytics platform highlighted historically strong growth in LTC’s non-zero addresses. The count reached nearly 8.5 million on May 22, up from around 7.09 million at the beginning of April.

The growth in non-zero addresses may have resulted from a few factors, including:

Existing Litecoin holders distributing their coins across newly-created wallets.

The arrival of new Litecoin users.

Increased buying demand for LTC tokens.

Meanwhile, the total number of unique LTC addresses grew in May from 184.66 million to 196.84 million, the strongest monthly rise on record.

The rise in Litecoin’s network activity coincided with its foray into the non-fungible token (NFT) sector with a new token standard called LTC-20. Additionally, growing upside speculation in the days leading up to Litecoin’s halving in August may have also boosted the LTC address count.

A halving is a scheduled event in which the reward for mining a block is reduced by half. This event typically leads to a decrease in the supply of LTC, which can drive up prices.

The combination of these factors suggests that Litecoin is poised for further gains in the near future. However, it is important to remember that the cryptocurrency market is volatile and prices can fluctuate significantly.