Litecoin traders are starting to leave $LTC to invest in a handful of new tokens following its lackluster block-halving event.
Traders expected huge surges after the block halving as they believed the increased scarcity would help drive its value higher.
Unfortunately, the market headed in the other direction as $LTC is now down by a steep 12% over the past week of trading.
Despite this, traders have found a set of new tokens to invest in, which they believe can provide considerably higher short-term returns for smaller investments.
What you'll learn 👉
Litecoin Sees Lackluster Surge Following Block Halving Event
Litecoin underwent its block-halving event last week, August 2nd at 15:45 UTC, where the block reward for miners was slashed in half from 12.5 $LTC to just 6.25 $LTC.
The halving event occurred when the block height of the network hit 2,520,000.
This was the third halving in the ecosystem, and a lot of hype was generated amongst traders before the event. The previous halving occurred in 2019, which was followed by an epic bull run.
As a result, traders were anticipating a massive price surge following the halving event, but the market headed in the opposite direction as the price of $LTC plummeted by a steep 12% over the past week;
Unfortunately, the bulls have seemingly deserted the Bitcoin alternative to invest in lower market cap projects capable of providing much higher returns.
Amidst the price collapse, the $LTC trading volume also dropped by a staggering 26% as traders continued to leave the ecosystem.
Why Are Traders Leaving Litecoin?
The halving event didn’t have the impact traders hoped for as Litecoin continued trading under the bear’s influence.
Block halvings are considered a programmed bullish catalyst in crypto ecosystems as they reduce the network’s inflation by 50% during each event.
The 50% reduction in Litecoin issuance was supposed to help inject optimistic positivity into the ecosystem due to the increased scarcity, but it seems to have turned traders away.
In addition, whales are also leaving the ecosystem after a Litecoin whale dumped 300,000 $LTC – worth around $25 million – on the market;
The whale had accumulated $LTC over three years, demonstrating the dwindling long-term sentiment behind Litecoin following its block halving.
Overall, traders are leaving Litecoin for better alternatives as they believe they can provide higher gains over a shorter period.
Where Are Traders Investing After Leaving $LTC?
With the sentiment behind Litecoin on the downturn, investors are leaving the ecosystem to look for better alternatives that can provide higher short-term gains.
In particular, traders are focusing on lower market cap projects with significantly increasing traction, capable of producing 10-50x returns.
Let’s look at why they’re choosing these projects in more detail.
Wall Street Memes Hits Enormous $22 Million Milestone as Whales Feel FOMO.
Wall Street Memes ($WSM) is the top project traders are entering as it crosses the extraordinary $22 million milestone this week.
Investors are rushing to this project due to its unique blend of internet culture, meme-based humor, and decentralized finance – creating a solid buzz in the meme coin space.
The overall ethos behind this meme coin project is to mock the greedy capitalists on Wall Street through memes posted on its social media.
The memes are designed to captivate an audience, while the $WSM token itself helps to provide financial speculation through a vast community.
The memes have become so viral that they’re generating over 40 million monthly impressions on Twitter as it has become the internet’s go-to source for trading and finance-related memes.
The virality of the memes even captured the attention of Elon Musk, who’s been seen commenting on the memes on several occasions;
🤣— Elon Musk (@elonmusk) April 22, 2023
His interactions sparked speculation regarding his involvement with the project and sent a flurry of traders rushing to buy $WSM.
It even caused a heavyweight whale to purchase 460 $ETH worth of $WSM last week, worth around $850,000;
This shows that the FOMO is officially kicking in for whales as they realize that the time to invest at presale prices is quickly running short.
Furthermore, whales understand that the enormous cult-like community, which has over 1.1 million followers on social media, guarantees $WSM a major tier-1 exchange listing as soon as it launches.
They reason that exchanges like Binance and OKX would rush to list the token as they would benefit from the increased trading volume.
Finally, the community-driven aspect behind the token also makes whales comfortable to invest, as the team knows what they need to do to create the next meme coin sensation.
For example, the team hasn’t allocated tokens for themselves in the presale. Instead, 50% of the 2 billion $WSM is sold in the presale, with the other 50% reserved for adding liquidity to exchanges and providing community rewards.
Overall, it’s unsurprising to learn that many analysts expect $WSM to be at the forefront of the crypto bull run later in the year;
After crossing $22 million, Wall Street Memes is in the final stages of its presale – meaning your opportunity to invest at presale prices is very slim.
You’ll have to act quickly to get in at the presale stages or face higher prices when the token hits major exchanges.
XRP20 Causes a Stir From XRP Army With Stake-to-Earn and Deflationary Upgraded $XRP Token
Another token that $LTC traders are heading toward is $XRP20 – described as the second coming of Ripple.
XRP20 is an upgraded version of $XRP on the Ethereum network that introduces stake-to-earn and deflationary mechanisms to give birth to the next evolution of XRP.
The project is the latest addition to the long line of the “Meta 2.0 Version” clones, which have created meme coin millionaires through Dogecoin 2.0 and Pepe 2.0.
The entire idea behind $XRP20 is to reignite the passion of the XRP army, providing them a second chance to get positioned in a low-cap project to relive the $XRP bull run – which surged by 127x from its all-time lows.
Tapping into the legacy of the original XRP, $XRP20 will have a 100 billion supply. The presale is selling 40% of the supply for $0.000092 – 40 times cheaper than $XRP at its all-time low – aiming for a $3.68 hard cap in fundraising.
The remaining supply has 40% allocated for staking rewards, 10% for DEX liquidity, and 10% for burning – making it a fully community-owned project.
The project introduces a groundbreaking staking mechanism that allows users to stake their $XRP and earn a passive income – providing utility for retail buyers.
In addition, the smart contract incorporates a 0.1% tax on every buy and sell transaction, making the token deflationary and scarce over time.
Overall, traders have big hopes for $XRP20 as they expect at least 10x returns from the project when it hits DEXs.
However, with such a low hard cap in its fundraising, investors must quickly get positioned before the presale allocation is snapped up.
yPredict Using Artificial Intelligence to Create Consistently Profitable Traders
The last project that $LTC traders are turning their attention toward is yPredict – a groundbreaking trading insight and analytics suite designed to help traders become consistently profitable.
yPredict is a utility project that incorporates its token into every aspect of its ecosystem.
Its flagship product is the yPredict Marketplace, which allows developers to list their financial prediction models in a results-as-a-service economy.
Using $YPRED tokens, traders can browse for the highest-performing prediction model suited to their trading style and subscribe to it every month.
In addition, yPredict also has an analytics suite that gives traders an edge in the market through a new breed of trading tools powered by artificial intelligence.
The AI can alert traders to new breakouts and trends through pattern recognition and sentiment analysis.
Traders must own a certain amount of $YPRED tokens to access this feature.
The best part about the project is that it uses its AI technology to expand outside the trading realm.
For example, yPredict wants to reshape the SEO niche after releasing an AI-powered backlink calculator that helps administrators estimate backlink counts and authority metrics to improve website traffic;
In addition, they have a yPredict Editor to help content creators streamline their workflow through NLP-driven keyword suggestions and comprehensive scoring.
As you can see, it’s unsurprising to learn why traders are heading to this ecosystem, as it already attracts $3.3 million in fundraising.
With the utility behind $YPRED and the broad audience that can utilize its products, the project has incredible growth potential.
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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com