Litecoin whale trading has experienced significant growth recently. With a 111% increase, the massive spike in transaction volume could be related to the upcoming release of LTC-20, a major update to the Litecoin ecosystem.
The LTC-20 standard is developed based on the Litecoin Ordinals Protocols with a total supply of 84 million. This new standard aims to introduce BRC-20, an experimental token built using Ordinals and stored on the Bitcoin base chain.
Source: IntoTheBlock
The development of LTC-20 and BRC-20 tokens is expected to bring significant innovation and growth to the Litecoin ecosystem, likely to attract increasing interest from both retail and institutional investors. The recent uptick in Litecoin whale volume could be due to investors anticipating that the launch of the LTC-20 standard will drive prices higher — a rather latent expectation.
As the cryptocurrency market often experiences price volatility due to news and developments, increased whale activity could indicate significant market interest in LTC offerings. -20 is coming.
Memecoins are also skyrocketing
The memecoin market has experienced major volatility recently, with the popular meme coin PEPE seeing a 35% price increase as the halving hit other memecoins hard.
The latest victim of this volatile market is WallStreetBets (WSB) Token, a cryptocurrency associated with the infamous WallStreetBets subreddit, which has been the target of a massive heist that resulted in losses of over 300 ETH.
The incident sparked outrage in the WallStreetBets community as a developer involved in the project was held accountable for the theft. The “Chairman” of WallStreetBets, a well-known figure on the subreddit, has announced his intention to contact the FBI and local law enforcement, and he also claims to know the identity of the scam developers.
This development will only increase concerns about the security and reliability of Memecoin and its projects. While the WSB token took a major hit, PEPE continued to thrive, experiencing a 35% price increase amidst these market challenges.
This extraordinary performance shows that not all memecoins are vulnerable and that some cryptocurrencies that thrive on memes can still generate solid returns for investors.
Cardano shows potential for reversal
ADA has recently shown a potential reversal pattern on both its 12-hour and 4-hour intraday charts. The pattern, known as the head and shoulders (H&S) pattern, is often considered a reliable indicator of trend reversals, sparking speculation that ADA prices may be about to rise higher.
The H&S pattern is a technical analysis tool used by traders to determine the likelihood of a market trend reversal. The pattern consists of three peaks, with the central peak (“head”) higher than two adjacent peaks (“shoulders”). The neckline connects the low points of the two bottoms on either side of the head and acts as a support. A break below the neckline usually signals the completion of the pattern and the start of a new downtrend.
At the time of writing, ADA is trading at $0.39, with the 50 and 200 SMAs about to cross. This impending crossover could serve as a confirmation of the H&S pattern and signal a possible reversal in the ADA price trend. However, it’s worth noting that ADA trading volumes are currently dwindling, which could affect the strength of any potential trend reversal.
If the H&S pattern is indeed confirmed, it could herald a period of rapid upside for Cardano as investors and traders take advantage of the technical indicator. However, lower volumes can present some challenges and it is important to monitor the market’s reaction to a possible trend reversal.
- Charlie Lee Predicts Litecoin Price to Rise 10% Against Bitcoin
- Litecoin (LTC) Price Needs to Hold This Level to Avoid a Sharp Selloff
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According to USA Today
