Between June 10 and 17, the number of new addresses on the Litecoin network rose by 54.6%, surpassing 300,000.
Active addresses & new addresses are back on the rise for #Litecoin. Daily active addresses saw a 28% 7-day increase & new addresses saw a 54.6% 7-day increase!
Source: https://t.co/POjEVdh92n pic.twitter.com/PCbcGV7mFH— IntoTheBlock (@intotheblock) June 19, 2023
Separately, the number of active wallets rose by 28% to 400,000.
In the same week, reports surfaced of a record 200 million addresses. Litecoin surpassed Ethereum in this metric, which has around 180 million wallets in total, according to Glassnode.
BREAKING: Litecoin hits a record milestone of 200 million total addresses! ? pic.twitter.com/sr6tqqfuUI
— Litecoin (@litecoin) June 17, 2023
The activity spike in the network is likely linked to the upcoming halving, scheduled for August 4, 2023. The current block reward in Litecoin is 12.5 LTC. After this date, the amount will be halved—to 6.25 LTC.
According to analyst Shan Belew, in May the blockchain briefly surpassed its ‘mother’ network in the daily number of new addresses.
3️⃣ New Addresses per Day: For the first time in May, Litecoin surpassed Bitcoin in terms of new addresses per day. Currently, Litecoin is adding 324k new addresses daily, while Bitcoin adds 434k new addresses daily. This surge in new addresses demonstrates Litecoin’s usage. pic.twitter.com/35nrwc69TB
— Shan Belew Ⓜ️? (@MASTERBTCLTC) June 18, 2023
Bitcoin is five times larger than Litecoin in total wallet count, at about 1.14 trillion.
At the time of writing, LTC trades at $77.25. The cryptocurrency’s price for the day fell by 0.36%.
In February, the Litecoin network launched an analogue of the Ordinals protocol, allowing users to place various objects in the form of images, text, videos and other formats.
In May, the non-profit Litecoin Foundation signed an agreement with the cross-chain swaps aggregator Rubic to accelerate, anonymize and enhance the security of transactions.