Litecoin Rebrands as Meme Coin, Draws Criticism from Shiba Inu Lead

• The Litecoin rebranding has sparked widespread debate and humor in the crypto industry.
• Following its declaration as a meme coin, the LTC price experienced a major surge, crossing $85 and marking over 20% weekly gains.

Shytoshi Kusama, the lead developer at Shiba Inu took a jab at Litecoin, which identified itself as a meme coin a few days back. Kusama made a series of posts on the social media platform X, showing a sense of dismay at Litecoin’s change in its identification, reported CNF.

Amid the massive rally in the meme coin sector, Litecoin (LTC) announced the change in its identification as a meme coin, triggering strong discussion in the crypto community. Several market players took this development lightly joking around this transition through several memes.

But in a post on the X platform on November 19, Kusama said that he doesn’t want to enter into a “beef” with Litecoin this year. “They’re forming the memevengers and I am starting to feel like Thanos,” he said.

These statements, highlighting frustration over the identification change saga, quickly gained widespread attention across the industry. While identifying itself as a meme coin, Litecoin gave itself a stick figure L. Responding to this, Kusama said: “Litecoin, take that L and stand down . You don’t have Tony stark on your squad”.

In response to the lead developer’s remarks, the LTC community retorted, “What is this? 8th grade?” To which the SHIB lead developer responded sarcastically, “Says the intern posting stick figures. Lol.” These exchanges highlight the ongoing frustration within the Shiba Inu community regarding the recent crypto identification change.

Litecoin Gains After Meme Coin Identification

As soon as Litecoin identified itself as a meme coin, the LTC price staged a strong surge moving past the $85 level and extending its weekly gains to more than 20%. However, as of press time, amid the broader market pullback, the Litecoin price is down 3.77% at $86.98 with a market cap of $6.54 billion. Also, the daily trading volume has dropped by 15% to $1.02 billion.

Litecoin is entering an early bullish phase after exiting its long-term accumulation zone in August 2024. With eight months of correction now behind it, this marks LTC’s transition into a new market cycle with significant growth potential, reported CNF.

It seems that apart from just Shiba Inu, Litecoin is also having a beef with other crypto community members from Solana.

.@litecoin has flipped the switch to 'War Mode'! pic.twitter.com/ckwt8WeZvz

— DBCrypto (@DBCrypt0) November 14, 2024

In another development, the Litecoin Foundation has announced a major achievement for the Litecoin network, which has processed 84 million transactions so far in 2024. This is the highest annual total for the LTC blockchain in its history.

The Foundation has announced a major achievement for the Litecoin network, which has processed 84 million transactions so far in 2024. It also celebrated the accomplishment, stating, “$LTC is more active than ever!”