The Litecoin community is gearing up for its third halving in three months. In Litecoin’s third halving, scheduled for August 02, the reward for miners will be 6.25 coins.
Charlie Lee’s LTC price targets
The predictable coin supply in Litecoin information is similar to the Bitcoin network. This has the same effects on the underlying value. Specifically, the Bitcoin halving event has triggered major crypto rallies in the past. Similarly, the last two Litecoin halvings led to a notable price increase in the months that followed. Litecoin creator and Coinbase Global Inc. According to former Engineering Director Charlie Lee, LTC price will rise by a 10 percent margin against Bitcoin in the next bull run. Lee explains his views on this subject as follows:
I can see an upside target of 10% (0.025 LTC/BTC). Reaching 5% (0.0125) in the next bull market is not too difficult. To be honest, I don’t think it will go much below 1% (0.0025) on the downside. The next halving will be in ~92 days. This will be fun.
Lee’s bullish sentiment is supported by Litecoin’s strong fundamentals. As a result, Lee states that Litecoin has tons of potential as it can handle a higher throughput by design without sacrificing security aspects.
Litecoin is the third largest Proof-of-Work (PoW) Blockchain after Bitcoin network and Dogecoin (DOGE). For LTC, which is trading around $87.94, a 10% increase against Bitcoin would correspond to a retest of LTC’s ATH in dollar terms. A break above ATH, which has been consolidating in the same range since 2017, when the crypto bull market ended, could lead to price discovery for the altcoin.
LTC-20 in Litecoin: an experimental standard for NFTs
The Litecoin community has chosen to propose a testing standard for the LTC-20. It created a test token for this purpose. The standard is a branch of the BRC-20 standard. It’s also described by the community as “a fun experimental standard that demonstrates that inscriptions can create off-chain equilibrium states.”
The standard is built on top of the Litecoin Ordinals Protocols with 84 million coins. The aforementioned BRC-20 standard is a token standard for an experimental NFT built with Ordinals and inscriptions and held on the Bitcoin underlying Blockchain. Litecoin Punks said on Twitter that the first LTC-20 was mined by roughly 20%. Each punk bearer received 4,000 inscriptions.
It is unclear whether this will result in a significant change. But the community is excited regardless. Litecoin is one of the oldest cryptocurrencies on the market. In the market, it still has significant power. The goal is to determine if exchangeability has a place on the Litecoin network. The purpose of the experiment is to distribute LTC-20 tokens and issue a certain number of tokens. Also, to transfer a certain number of tokens. The documentation gives detailed information about all the relevant functions.
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