The Litecoin (LTC) network has recently experienced a notable increase in activity, fueled by a surge in Ordinal inscription minting on its blockchain.
Over the past week, the value of the cryptocurrency has risen by more than 13%, although it has faced a dip of over 4% within the last 24 hours. Furthermore, the Litecoin network is expected to undergo a block reward halving in less than 77 days.
In line with the recent surge in activity on the Dogecoin network, Litecoin has seen a significant volume of transactions this week. This heightened activity is primarily attributed to a substantial influx of Ordinal inscriptions, with Litecoin recording over 2.58 million inscriptions to date. The increasing number of inscriptions has played a pivotal role in driving LTC’s daily transaction volume this week.
On May 6, 2023, the number of daily LTC transactions surpassed 400,000. Within four days, by May 10, Litecoin had processed over 584,000 transactions, according to data from bitinfocharts.com. Just five days later, on May 15, Litecoin miners verified slightly over 500,000 transactions. This surge in transaction activity is particularly remarkable when compared to the figure of just over 13,000 Ordinal inscriptions recorded by LTC on February 22, 2023, representing an impressive 198,694% increase within a span of 85 days.
Despite a recent decline of more than 4% against the U.S. dollar, LTC has experienced a weekly growth rate of 13%. Currently ranked as the twelfth-largest cryptocurrency by market capitalization, Litecoin’s Ordinal inscriptions have been in circulation for a longer period compared to Dogecoin’s DRC20s or “Doginals.” Notably, Dogecoin recently witnessed a significant escalation in transaction numbers, reaching an all-time high of approximately 1.12 million DOGE transactions on May 17.
Around August 3, 2023, LTC is projected to halve its block reward, reducing it from the current 12.5 LTC to 6.24 LTC. This shift will make Litecoin the next proof-of-work (PoW) blockchain to implement a halving of its reward allocation, following Bitcoin Cash (BCH), Bitcoinsv (BSV), and Bitcoin (BTC).