LESTER: A New Meme Token Joins the Ranks of Other Cryptocurrencies

LESTER is a new meme token to join the ranks of other cryptocurrencies. It had a market cap of over $140 million in just two days.

A new meme token, named LESTER, has joined the ranks of other cryptocurrencies with a market cap of over $140 million in just two days. Currently, LESTER is valued at more than $0.14, showing an 800% 24-hour surge. There has been a great turnover in the token’s price, with $176 million of trading volume within the last 24 hours and locked liquidity of $2.53 million, as per the GeckoTerminal data.

The development of LESTER is initiated through fun and social interaction activities. The token began trading on the pump. Fun following the official Litecoin account on X (previously Twitter), making fun of the token identifying as a memecoin. Soon, the Dogecoin account said Litecoin could make a “chibi mascot.”

Following this, one of X’s most active meme contributors was Greg, who created a stick figure with a Litecoin symbol on its head called Lester. It should also be noted, however, that while LESTER has no direct connection to the Litecoin team, the creation, given its origin, and the support it has gained from Litecoin, Dogecoin, the meme community founded by Greg, the image did attract a lot of attention in the crypto sphere.

Other materials mention that LESTER has also attained listing on some of the most profound exchanges, including Gate.io, which is another plus for trading. For the first 10 hours of its operation, LESTER reached a market capitalization of $40 million based on a trading volume of $62 million.

This meme coin’s success has helped boost the value of Litecoin’s native token – Litecoin (LTC). As with other meme coins, the value of LTC has increased, touching $82.71 during the period of the past day, mainly owing to heightened interest in the token and its relation to both Shitcoin and the ‘Meme Economy.’

LESTER is, therefore, part of a newly developing trend that has been particularly prevalent in the crypto market in the form of memecoins. Some other memecoins like Peanut the Squirrel (PNUT), Pepe (PEPE), Dogwifhat (WIF), and Brett (BRETT) have also massively pumped among the top one hundred cryptocurrencies by market capitalization.

The new memecoin increase comes as Bitcoin reaches new heights and debates about the altcoin season start. According to the crypto analyst Miles Deutscher, Bitcoin is still in the price discovery phase, and after Bitcoin dominance declines, a shift towards altcoins, including memecoins, will happen.

However, analyst Ash Crypto pointed out that since 60.80% belong to Bitcoin, the peak may soon be observed in the growth of altcoins because Bitcoin will gradually give them away.

As the meme coin market remains hot, the crypto space has not lacked drama. In the recent past, former Olympian and media personality Caitlyn Jenner faced legal issues.

Jenner was recently at the center of a class-action lawsuit filed by a group of investors who accused her of promoting the unregistered cryptocurrency, the JENNER token, which was developed on Ethereum and Solana. Some plaintiffs state that they lost more than $ 56,000 of the money invested in the token.