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Litecoin Social Engagement Hits 99M+, Marking the Highest Point in Over A Year

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Litecoin’s social engagements recently hit a peak of 99M+, as measured daily, marking the highest value in over a year.

Litecoin has captured the attention of the broader cryptocurrency community of late, as its daily social engagements reached a peak of 99.91M. The token last clinched this lever of social engagement over a year ago. Moreover, the asset’s surge in social engagements comes amidst a surprising rally, as it outperforms the majority of mainstream assets.

Social intelligence platform Lunar Crush recently highlighted the promising metric amid the asset’s relief rally. 

The social intelligence platform further noted that the recent upsurge in Litecoin’s social engagements, especially when the asset appears to be staging a rally, is not something investors should overlook. According to Lunar Crush, it is time for the community to start paying attention to Litecoin in the coming weeks, regardless of the price direction.

A few hours ago, Lunar Crush updated the crypto community on the top crypto assets with its AltRank assessment tool. It revealed that LTC was topping the list, towering above other assets like Solana (SOL), Terra Classic (LUNC), and Dogecoin (DOGE), among others.

Notwithstanding, current AltRank top list data indicates that Verasity (VRA) has dethroned Litecoin. The asset remains second on the list at press time, with an equally surging value in social engagements. 

Litecoin’s social engagements have increased by 132% in the past week to 246.8M. Social mentions in the past seven days have also surged by 73% to 72.85K, with a social contributor count of 298. 

Litecoin’s Recent Price Surge and Possible Contributing Factors

This sudden increase in social activity followed reports of Litecoin’s bullish price moves. As previously reported, the asset recently overtook SHIB on the list of top crypto assets by market capitalization due to a surge in its market cap. With a market cap of $5.66B, LTC is now the 13th largest mainstream crypto asset, with SHIB relegated to 14th position, having a valuation of $4.89B. LTC also recently conquered Solana and Wrapped BTC.

Litecoin surged from a value of $61.6 on Tuesday to $81.55 overnight, marking a 31% increase in a matter of hours. Though the asset faced a quick rejection, its rally remains sustained, as it positions itself as the biggest gainer in the past week, with a 37% increase.

Crypto analytics platform Santiment recently highlighted a trend in LTC shark accumulation that could have contributed to the asset’s upsurge. According to Santiment, addresses holding 1K to 100K LTC have amassed LTC tokens worth $43.4M in the past two weeks. 

Additionally, the third halving event for LTC is slated to occur in 8 months, and reports of the event have gradually crept into the crypto space of late. The halving event promises to cut down the rate of the asset’s supply by up to 50%, contributing to a deflationary trend. Currently, the network mints 12.5 LTC every two and a half minutes. Following the third halving event, this figure will reduce to 6.25 LTC.

Market watchers have cited these promising reports as possible factors behind the asset’s rally. LTC is currently changing hands at $78.14, up 11.84% in the past 24 hours against all odds. 

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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