Over 25 Million Ordinals Inscribed, LTC Rising
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Litecoin is rising, days after plunging to fresh Q2 2024 lows of around $70 in June. At the back of this resurgence is the surge in Ordinal inscriptions. Over 25 Million Ordinals Inscribed On Litecoin According to Litecoin, over 25 million ordinals have been inscribed on the proof-of-work network as of June 27. Of note, a record-breaking 1.5 million were added in just two weeks, a massive development and a shot in the arm for the proof-of-work network. Unlike Bitcoin or Ethereum, where fees are relatively high, transacting on Litecoin is cheaper. The low fee could be due to the lower transaction activity and better scalability, unlike the world’s most valuable coin. According to BitInfoCharts, the average transaction fee on the Litecoin network as of June 28 stood at $0.0037. Interestingly, this has been steady over the last few months despite the launch of Ordinals in early 2023. Litecoin average transaction fee | Source: BitInfoCharts Therefore, the rising number of ordinals on one of the earliest networks indicates its resilience. This is because fees remain low, and more items and transactions can be readily managed. Besides demonstrating the network’s capacity, the Ordinal boom reflects the growing interest and potential for broader adoption. In early June, there was a 75% increase in active addresses and a spike in transactions, rising by 426,000. This surge propelled activity to the highest level in six months, surpassing activity on Ethereum, the most active platform. Litecoin price trending upward on the daily chart | Source: LTCUSDT on Binance, TradingView Since Litecoin is a Bitcoin fork, inscriptions work on the same. They leverage their capabilities to immutably and transparently store arbitrary data, including texts and images. Because all inscriptions are stored on-chain, other users can confirm their authenticity and even provenance. Picking Up From Bitcoin Success,…
Filed under: News - @ June 29, 2024 3:14 am