In early May, the Litecoin network processed a record number of transactions. The number of active addresses increased by more than 400,000, according to a report by Santiment.
The average daily number of transactions on the LTC blockchain exceeded 500,000 in early May, according to Bitinfocharts data.
Network activity began to weaken last week. The number of transactions in the Litecoin network has decreased to 341,082 per day.
The highest activity in the first half of the month was demonstrated by addresses controlling up to 0.001 LTC.
Wallet activity increased after the introduction of LTC-20 standard tokens.
They are still being tested and will be used by the community to create Litecoin NFTs. With their help, you can embed information in the blockchain in the form of text, images and videos.
A similar standard applies to bitcoin. Thanks to the activation of BRC-20 on the BTC blockchain, the number of transactions increased in February and March.
Despite the sharp increase in network activity, the price of Litecoin did not change significantly in May. If at the beginning of the month it was trading at $87.7, then on the night of May 15, the LTC rate is at $82.5.
Over the past two weeks, the capitalization of Litecoin has decreased by 14.4% to $6.022 billion.