A digital token that emerged 12 years ago as a more transaction-friendly alternative to Bitcoin has caught the attention of speculators following a frenzy surrounding meme tokens on the dominant blockchain. Litecoin has experienced a nearly 20% rally since May 8, coinciding with a surge in fees on the Bitcoin network, which reached a staggering $30 per transaction. In contrast, an index of cryptocurrencies witnessed a decline. As Bitcoin fees soared, users turned to the Litecoin blockchain in search of a more cost-effective solution, resulting in a record-breaking number of transactions without a corresponding increase in fees. The latest meme coin on the crypto block, Caged Beasts (BST), is creating hype with its unique roadmap even before the commencement of the presale.
Litecoin: A Better Choice Than Bitcoin
Similar to Bitcoin, Litecoin (LTC) utilizes a proof-of-work mechanism involving miners using powerful computer rigs to validate transactions and earn token rewards. However, Litecoin distinguishes itself by adding a new block of transactions to its chain every 2.5 minutes, significantly faster than Bitcoin (BTC)’s 10-minute interval, facilitating quicker transactions.
According to CoinMarketCap.com, Litecoin currently boasts a market value of approximately $6.7 billion, ranking it as the 11th-largest cryptocurrency. In comparison, Bitcoin’s market value stands at around $516 billion.
The Much Anticipated Halving
The rally in Litecoin’s price exemplifies the influence of meme coins proliferating on the Bitcoin blockchain, a trend that has reverberated throughout the crypto asset space in recent weeks. Additionally, speculators have been fueling Litecoin’s momentum ahead of an upcoming event on the blockchain called the halving, which will reduce the rewards received by miners and limit the token supply. The anticipated halving for Litecoin is scheduled for late July or early August.
Furthermore, based on past trading patterns during the previous two halvings, it is suggested that the upcoming halving might also exert downward pressure on Litecoin’s price in the 50 days leading up to the event.
The emergence of new tokens can be attributed to the introduction of BRC-20 tokens, enabling developers to create coins on the Bitcoin blockchain. As the Bitcoin halving approaches, crypto analysts suggest that it’s time to accumulate alternative coins. Bitcoin halving occurs approximately every four years, every 210,000 mined blocks, to maintain scarcity and value. During this event, the block reward is halved, reducing the supply of new Bitcoins. The last halving took place on May 11, 2020, and the next one is expected between April and May 2024.
Caged Beasts: A Major Meme Coin Milestone
A new meme coin to look forward to right now is Cage Beasts (BST). Caged Beasts Coin has a bold mission to revolutionize the finance industry through decentralization, breaking free from the constraints that bind us, much like caged beasts. The journey of Caged Beasts Coin is divided into two pivotal stages, with the pre-sale period laying the foundation for this revolution.
Each phase of the pre-sale involves injecting animals with mutagens, transforming them into formidable and ferocious beasts. Under the guidance of RABBIT 4001, the visionary behind this transformation, these creatures are augmented with cybernetics and weaponry. These once-ordinary animals are now known as Caged Beasts, prepared to break free from their confines and conquer the world.
The highly anticipated launch is the moment when the world witnesses the awe-inspiring spectacle of the Caged Beasts breaking free. This event signifies a major milestone in the revolution. To ensure liquidity, 75% of the funds raised are locked until the release date, while 25% is allocated to the marketing wallet.
Caged Beasts Coin thrives on engaging the community, offering exciting competitions, bonuses, events, voting mechanisms, and exclusive NFT releases. The community enjoys priority access to all announcements, ensuring they are at the forefront of this thrilling journey. Just visit the page and sign up!
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