Litecoin revealed in a lengthy X post that it had no affiliation with the recently launched memecoin, Lester, on Solana’s Pump.fun. LTC’s post outlined how a group of individuals took the LTC mascot, Lester, created by X meme creator Greg, to popularize the memecoin.
Due to compelling market conditions, the Litecoin team decided to become a memecoin last week. Litecoin tweeted a simple message informing the crypto community of its decision: ‘ Due to current market conditions, I now identify as a memecoin.’
Litecoin transitions to a memecoin
LTC also noted that despite it being one of the oldest cryptocurrencies (created in 2011), most of its accomplishments have gone unnoticed. The crypto decided to become a memecoin as a ‘lighthearted self-deprecating acknowledgment’ of its failure to stand out compared to other cryptos that have entered the market over the years.
After the announcement, one of the top memecoins, Dogecoin, encouraged the community to welcome Litecoin to the memecoin family. Dogecoin also asked the crypto community to create a meme for LTC, suggesting a ‘chibi mascot.’ Greg took the task of creating a stick figure mascot for the project.
LTC insisted that LESTER memecoin launched after its mascot’s creation. The project explained that LESTER still wasn’t the official Litecoin mascot. Litecoin added that it had no intention to promote or acknowledge the project using the Greg-created mascot on Solana.
Crypto Twitter reacts to the Litecoin-LESTER saga
It has been almost a week since the Litecoin handle posted the now often used phrase “Due to current market conditions I now identify as a memecoin.”
It was a lighthearted jab at the crypto market’s current state of affairs, and a self-deprecating acknowledgement that although…— Litecoin (@litecoin) November 19, 2024
Litecoin’s decision to clarify its lack of affiliation with LESTER attracted mixed reactions. Many crypto enthusiasts suggested that the momentum LTC gained over the past week was thanks to the LESTER memecoin. Others insisted that LESTER was here to stay.
Some also called out LTC for using the mascot in memes and merchandise over the past week. LTC confirmed that it had acquired permission from Greg to use the mascot to raise funds from merchandise. The project also added that the mascot was originally meant for Litecoin and the Litecoin community.
At the time of writing, LTC’s price has risen by 1.05% in the past 24 hours. Despite the recent activity on X, LTC’s 24-hour trading volume is still down by over 16% today. However, the veteran token’s price is still up over 7% in the last 7 days.
LTC originally saw a significant uptick after adopting the memecoin status, surging about 15% in the next 24 hours after the announcement. The coin’s trading volume also increased by over 95%.
$LESTER market cap crosses $90 million
Litecoin’s $LESTER Meme Coin: 🚀 The Latest Surge 🚀
🚀 Rapid Market Ascent 🚀
•💸 Launch to $120M 💸: Achieving a $120 million market cap in just 48 hours, starting from zero.
•📈 Volume Spike 📈: A remarkable $62 million in trading volume, coupled with a 700% price increase… pic.twitter.com/E7WRrNOBk2— i raise marijuana (@BudInsiders) November 20, 2024
GeckoTerminal data shows that the LESTER memecoin’s market cap crossed the $90 million mark within 48 hours after launch. The memecoin achieved over $40 million in market cap and over a $62 million trading volume within the first 10 hours in the market. The memecoin also recorded an over 700% price increase in one day, with its market cap further exceeding $120 million.
However, according to CoinGecko data, the coin has been trading at 6.7% lower in the past 24 hours and over 94% lower than its all-time high.
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