Litecoin Development Activity dropped severely in Q4 2022

On Dec 27, 2022

The crypto-verse welcomed a plethora of tokens this year. Just when the community thought that older coins like Litecoin [LTC] and Tron [TRX] were being forgotten, they are slowly making a comeback. Litecoin with its MimbleWimble upgrade created quite the buzz. However, this was nothing compared to the uproar it is currently ticking off.

The developers on the network did not mirror this notion as the development activity had taken a back seat. A recent chart revealed that activity on the Litecoin network dropped from 2.26 in late October to its current level of 0.12.

Despite this, the on-chain activity in the network is plausible. As per Messari, Litecoin is currently above prominent networks like Cardano [ADA], Ethereum [ETH], and XRP in terms of on-chain activity. Additionally, LTC’s transaction volume over the last 24 hours was at $2.46 billion. Therefore, Litecoin is currently ranked as the second most active network after Bitcoin [BTC].

Furthermore, the number of active addresses in the LTC network is 216,528. The increase in its on-chain metrics is certainly reflected in the altcoin’s price.

At press time, LTC was trading for $70.31 following an 8.03 percent surge over the last seven days. Prominent crypto analyst, Michaël van de Poppe took to Twitter and pointed out how LTC entailed the potential of surging up to $84.

#Litecoin shows strength, and probably will continue to show strength.
I’m interested in the $69 range for some scalp trades.
Further, primarily, looking for an option around $66.75 for longs, then targeting $78 and $84 next. pic.twitter.com/cVB0F3NTLh
— Michaël van de Poppe (@CryptoMichNL) December 26, 2022

CNBC’s Jim Cramer calls Litecoin holders “idiots”

During a recent CNBC interview, host Jim Cramer revealed that he sold all his crypto holdings. He also went on to note that he wouldn’t “touch crypto in a million years.” Amidst this conversation, Cramer decided to take a dig at Solana [SOL] as well as Litecoin. He said,

“And I think that everybody who owns these various coins, Solana, Litecoin, I do think you’re an idiot. Okay, I did not go to college to get stupid. These people who own these things should not own them. They shouldn’t own them.”

Soon after this statement, LTC witnessed a prominent upswing. The persistence of this trend could certainly prove how Litecoin investors were the opposite of “idiots.”

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