Litecion unique addresses jump in May, shatterin previous records
The recent Litecoin market gains appeared two days after IntoTheBlock's favorable tweet about the token.
In the tweet, the blockchain analytics platform highlighted historically strong growth in Litecoin's non-zero addresses. Notably, the count reached nearly 8.5 million on May 22 from around 7.09 million at the beginning of April.
Litecoin non-zero addresses count. Source: litecionlord
The growth may have resulted from existing Litecoin holders distributing their coins across newly-created wallets. In addition, it may have come due to the arrival of new Litecoin users, which suggests a rise in buying demand for LTC tokens.
Meanwhile, the total number of unique Litecoin addresses grew in May from 184.66 million to 196.84 million, the strongest monthly rise on record.
Litecoin: number of addresses. Source: Glassnode
The rise in Litecoin's network activity coincided with its foray into the nonfungible token (NFT) sector with a new token standard called LTC-20. Furthermore, growing upside speculation in the days leading up to Litecoin's halving in August may have also boosted the LTC address count.
Is $100 Litecoin next?
Litecoin's intraday jump has brought its price near a short-term resistance range of around $93 to $96, which has capped its upside attempts since April.
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LTC/USD daily price chart. Source: TradingView
A decisive move above the $93 to $96 area could have LTC price eye $100 as its next upside target. Conversely, a pullback from the range could mean a run-down toward Litecoin's short-term ascending trendline support, which coincides with its 50-day exponential moving average (the red wave) near $89.
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