Prior to the recent spike, Litecoin network recorded a 2019 high in transaction on 22nd June with 47,962 Trx executed. Per the data made available by bitinfocharts and Litecoin.com, a new yearly high of 48,582 transactions was recorded on 19th September 2019. The major reason behind the significant increase is yet to be specifically ascertained.
Initially, the transactions appeared to be falsified while giving a close look to Blockchair’s filters. There are some blocks on the Litecoin network, which single-handedly handled 100s of outputs with only one input.
Also, the tons of transactions performed on the Litecoin network over the past few days attest to the originality of the data rather than the usual manipulation.
However, the fact that each output is too high at >0.01 LTC, making them inconsistent. It can then be simply deduced that the nature of the transactions is not like the usual dusk attack.
According to the report, the wallet M893qmrU3PSwTrDVU7Cn3K4zxUWPKBmZkr has not been without suspicion due to lots of spammy transactions it has since sent to Litecoin network. These accrued to over 100 transactions per day on the single address.
The wallet was monitored since April 2019, and findings showed that it has carried out over 167,000 transactions so far. Howbeit, all the transactions that were conducted on the address are typically allowed since it was initiated by the same holder who was consistently splitting and consolidating funds.
The above citations could have had hands in the latest yearly high transactions recorded on Litecoin network.
Nevertheless, in order to have comprehensible and detailed findings as to what really constituted the spike, more better and suitable tools are needed. All these have not actually changed the daily value transferred, as it keeps revolving around $350 million.
Litecoin (LTC) Logo Got Displayed During a Football Match
Charlie Lee, the creator of Litecoin (LTC) was excited after receiving an invitation to Dolphin vs. Patriots football match, where the logo of the digital currency was displayed to spectators.
The update was shared by Lee via his Twitter handle, on 16th September 2019, as soon as the match was concluded. He also met and took a shot with the popular footballer, Chad Johnson, who doubles as a former Dolphins and Patriots player.
Obviously, the Litecoin’s founder did all these to get the attention of superstars to the use cases of LTC.
Present Situation of Litecoin (LTC) in the Market
This week seems like a twist of fate for the majority of the Altcoins in the market. A fair share of gains was experienced a few days ago, which aided Litecoin (LTC) to break above $75 resistance level.
Presently, the situation is quite gloomy for Litecoin in the market, as it continues to experience downtrend. The bearish force has overturned LTC, making it drift below the $70 support level. At press time, LTC is trading at $65.6, with relatively 10% price plummet in the last 24 hours.