Canary

Dogecoin

Litecoin

April

when

According to X’s on-chain analytics firm, IntoTheBlock, over 60% of Litecoin holders are now in profit. The profits come as altcoin has shown several signs of price rebound, gaining over 20% within the past few weeks. Litecoin spiked from around $75 one month ago to over $90 at the time of writing. The coin has also gained about 3.26% in the past 24 hours. 
The current period of holders making profits is the highest it has been since April, when over 75% of LTC holders were in profit as the coin’s price skyrocketed. One trigger for the surge was the U.S. Commodity Futures Trading Commission declaring LTC as a commodity at the beginning of April. 
However, at current prices, Litecoin investors are still at a loss considering the 2021 bull run when the coin hit above $400. The coin’s all-time high was $412, increasing its dominance and shifting investors’ interest from coins like DOGE during the bull run. According to CoinMarketCap, the current price is around 77% lower than the 2021 all-time high.&nbsp; 
<h3 id="span-style-font-weight-400-ltc-gains-memecoin-status-span">LTC gains memecoin status</h3> 
The recent surges in Litecoin prices follow the announcement on the coin’s social media websites on November 14 that it had gained memecoin status. The simple post declared, ‘ I am now a memecoin,’ gaining traction from the crypto community.&nbsp; 
Dogecoin <a href="https://x.com/dogecoin/status/1856927267026604476?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1856927267026604476%7Ctwgr%5E44ed7ca5341bbff33f8ed640606ab7bd7c4d00ed%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fblockonomi.com%2Flitecoin-ltc-price-surges-15-after-embracing-memecoin-identity%2F" rel="nofollow" target="_blank">posted</a> to encourage the community to welcome LTC to the memecoin space. The memecoin also asked the community to help make a few memes for Litecoin, suggesting a ‘chibi mascot.’ 
After the announcement, the coin surged by over 15%, hitting above $85. Litecoin’s trading volume also surged by over 33%, reaching over $950 million, which accounted for about 0.31% of total crypto activity.&nbsp; 
Litecoin’s announcement came during the surge among memecoins, including DOGE, PEPE, BONK, and more. Many memecoins joined the crypto market rally after Trump’s victory.&nbsp; 
Bitwise Asset Management Head of Research Ryan Rasmussen <a href="https://t.co/CzE09FpBDi" rel="nofollow" target="_blank">talked</a> about the surge, mentioning retail investors’ increased interest in memecoins. According to Rasmussen, memecoins offer a favorable entry point for small investors due to their small market cap and liquidity.&nbsp; 
<h3 id="span-style-font-weight-400-litecoin-could-surge-or-bottom-span">Litecoin could surge or bottom</h3> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Over 60% of LTC holders are now in profit—the highest since April. 
 Many of the holders still at a loss bought in 2021 and may sell as they break even. Could this create resistance, or will Litecoin push past and set new highs this cycle? <a href="https://t.co/EY4iKrKss8" rel="nofollow" target="_blank">pic.twitter.com/EY4iKrKss8</a> 
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1858458937978216878?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">November 18, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
IntoTheBlock speculated whether the altcoin would create a resistance level or push against the current price and reach new highs in the cycle. Recently, short-term Litecoin holders have shown increased demand for the altcoin. IntoTheBlock also <a href="https://x.com/intotheblock/status/1856259138822574181?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1856259138822574181%7Ctwgr%5Eecf59785d555c1e73bc083f858706cf98a0060c7%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fwww.thecoinrepublic.com%2F2024%2F11%2F13%2Fbalance-held-by-litecoin-sth-increases-ltc-surge-to-continue%2F" rel="nofollow" target="_blank">revealed</a> that the balances on short-term holder accounts were increasing, hitting a 31% rise as of November 12. 
According to the on-chain analytics page, the increased balances usually precede a possible price spike. The page also noted a possible price bottom that led to investors accumulating more coins while anticipating a surge.&nbsp; 
Notably, one of the things influencing the sentiment includes Litecoin gaining the interest of miners, with the Litecoin hashrate increasing to 1.35 PH/s and surging about 30% this year. Another is the October <a href="https://www.litecoin.net/news/litecoin-etf-filed" rel="nofollow noopener" target="_blank">filing</a> of the first-ever Litecoin spot ETF by asset management company Canary Capital. 
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Over 60% of LTC holders are now in profit—the highest since April

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