Litecoin Sparked a Meme Coin Craze: Pledging to Resist VC and Exchange Collusion Projects

On the morning of November 14, Beijing time, Litecoin, which had faded from the market's view for a long time, suddenly posted this on its official Twitter:

Litecoin (LTC) has announced that it now identifies as a meme coin amid the recent surge in popularity of meme tokens.

The announcement was made in a tweet on Monday from the official Litecoin account, which poked fun at the recent trend of projects declaring themselves to be meme coins.

“Given the current market environment, I now identify as a meme coin,” the tweet reads.

The tweet quickly sparked a response from the crypto community, with many users celebrating the move and others expressing amusement.

“This is the best thing I've seen all day,” one user commented.

“Finally, some good news in this bear market,” another added.

The announcement comes as meme coins have seen a resurgence in popularity in recent months. Tokens like Peanut (Pnut), PepeCoin (PEPE), and Bonk (BONK) have surged by over 100% in the past week amid a wave of buying pressure.

The meme coin narrative has been fueled by a growing frustration among retail traders with the perceived manipulation of the crypto market by large VCs and exchanges. This sentiment has led traders to flock to projects that they believe are more decentralized and community-driven.

As a result of this narrative, several projects have begun to announce that they are now meme coins in an attempt to capitalize on the trend. These announcements have been met with mixed reactions from the crypto community.

Some users have accused these projects of simply chasing clout and attempting to manipulate the market. Others, however, have welcomed the move, arguing that it will help to further decentralize the crypto space.

“This is actually brilliant from Litecoin,” one user commented.

“It's a meme within a meme, and it's working,” another added.

It remains to be seen whether Litecoin’s announcement will have any significant impact on its price. However, the move is sure to further fuel the debate surrounding meme coins and their role in the crypto market.