After BRC-20 token, Inscription has also come to Litecoin in the form of LTC-20 token. Inscription allows users to embed text or data into individual LTC transactions, creating a permanent record on the blockchain. This could have a number of applications, such as storing contracts, timestamps, or even digital signatures.
Beyond BRC-20: The Rise Of DRC-20 And LTC-20 TokensHowever, currently these features are not exploited, investors just want to quickly create NFTs in the form of LTC-20 token to trade and earn profits.
Up to now, Litecoin blockchain has not had serious problems caused by Inscription, Inscription can even be seen as a catalyst for the price increase of LTC:
+ Increase trading volume and liquidity of LTC ecosystem;
+ Price fluctuations of LTC-20 token attract investors' attention and cash flow;
+ Promote the development of dapps and NFT marketplaces in the LTC ecosystem.
Despite those possibilities, LTC price is still stagnant below $100 and makes LTC investors feel impatient, especially when seeing strong price increase of SOL, AVAX, INJ, TRB or FET. I am worried about this slowness of LTC. If LTC continues to be left behind like in previous cycle, it will be very difficult for LTC to create ATH in next 2024 cycle.
What is your opinion on the impact of LTC-20 Inscription on LTC price? Are you participating in this Inscription trend on Litecoin?