Litecoin Social Engagement Hits 99M+, Marking the Highest Point in Over A Year

Litecoin’s social engagements recently hit a peak of 99M+, as measured daily, marking the highest value in over a year.

Litecoin has captured the attention of the broader cryptocurrency community of late, as its daily social engagements reached a peak of 99.91M. The token last clinched this lever of social engagement over a year ago. Moreover, the asset’s surge in social engagements comes amidst a surprising rally, as it outperforms the majority of mainstream assets.

Social intelligence platform Lunar Crush recently highlighted the promising metric amid the asset’s relief rally. 

? INSIGHT: Yesterday #Litecoin social engagements measured daily hit 99.91M, the highest point in over a year!

It's time to start paying attention to $LTC ?

— LunarCrush (@LunarCrush) November 23, 2022

The social intelligence platform further noted that the recent upsurge in Litecoin’s social engagements, especially when the asset appears to be staging a rally, is not something investors should overlook. According to Lunar Crush, it is time for the community to start paying attention to Litecoin in the coming weeks, regardless of the price direction.

A few hours ago, Lunar Crush updated the crypto community on the top crypto assets with its AltRank assessment tool. It revealed that LTC was topping the list, towering above other assets like Solana (SOL), Terra Classic (LUNC), and Dogecoin (DOGE), among others.

? Current top 10 coins by AltRank with leading social and market activity.https://t.co/D2DJOfaqti

1️⃣ $ltc
2️⃣ $crv
3️⃣ $sol
4️⃣ $apt
5️⃣ $vra
6️⃣ $lunc
7️⃣ $ape
8️⃣ $doge
9️⃣ $link
? $axs pic.twitter.com/nGMDfD95wJ

— LunarCrush (@LunarCrush) November 23, 2022

Notwithstanding, current AltRank top list data indicates that Verasity (VRA) has dethroned Litecoin. The asset remains second on the list at press time, with an equally surging value in social engagements. 

Litecoin’s social engagements have increased by 132% in the past week to 246.8M. Social mentions in the past seven days have also surged by 73% to 72.85K, with a social contributor count of 298. 

Litecoin’s Recent Price Surge and Possible Contributing Factors

This sudden increase in social activity followed reports of Litecoin’s bullish price moves. As previously reported, the asset recently overtook SHIB on the list of top crypto assets by market capitalization due to a surge in its market cap. With a market cap of $5.66B, LTC is now the 13th largest mainstream crypto asset, with SHIB relegated to 14th position, having a valuation of $4.89B. LTC also recently conquered Solana and Wrapped BTC.

Litecoin surged from a value of $61.6 on Tuesday to $81.55 overnight, marking a 31% increase in a matter of hours. Though the asset faced a quick rejection, its rally remains sustained, as it positions itself as the biggest gainer in the past week, with a 37% increase.

Crypto analytics platform Santiment recently highlighted a trend in LTC shark accumulation that could have contributed to the asset’s upsurge. According to Santiment, addresses holding 1K to 100K LTC have amassed LTC tokens worth $43.4M in the past two weeks. 

Additionally, the third halving event for LTC is slated to occur in 8 months, and reports of the event have gradually crept into the crypto space of late. The halving event promises to cut down the rate of the asset’s supply by up to 50%, contributing to a deflationary trend. Currently, the network mints 12.5 LTC every two and a half minutes. Following the third halving event, this figure will reduce to 6.25 LTC.

Market watchers have cited these promising reports as possible factors behind the asset’s rally. LTC is currently changing hands at $78.14, up 11.84% in the past 24 hours against all odds.