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A developer belonging to the Litecoin team has recently tweeted that Litecoin transactions have been escalating off the charts for some time. This is all thanks to a Blochain RPG or role-play game based on Litebringer in which LTC was used.
Image source: Twitter
Earlier, even Glassnode Analytics seemed to agree and they tweeted the same data pointing towards that Litecoin transaction volume has increased by 104.7% in the last 24 hours. The analytics company has also provided data with the same effect proving the same. The volume boost of LTC transactions. The transactions have increased by 104.7% in the last 24 hours and it touched 241,382.247.
Source: Twitter
Jon Moore also in a recent tweet informed the users that the current active use of Litebringer RPG has been responsible for driving the volume up on LTC transactions. RPG can be easily be considered as the factor that has triggered the volumes high as the players have to understand the technicalities about LTC in the game. As a part of their game, they are supposed to use LTC as the internal currency of the game. Prior to this tweet, Moore took to Twitter to explain the game was designed in a manner that the entire set of goods and services are priced effectively in LTC. So, if the users are interested in playing the game, it cannot be done without owning LTC.
Now comes the best part which is, if the users are interested in playing the game then just owning LTC will not help, they ought to learn about LTC and how it is being used as a currency. The users cannot play unless they have upgraded knowledge about the same.
Now that we have established that the game had a lot to do with the sudden spike in Litecoin transaction, it is best we understand what the game is all about. For starters, the game is a launchpad of CIP soft and was rolled out last week. The game showcases a world that is full of fantasies that runs on the Litecoin chain. Players can easily earn rewards for the number of quests they complete and they could keep initiating trades amongst each other and their game characters. There was also a medium article published by Dapp.com which said that the game’s appearance can be synced to the work of the Litecoin blockchain. For all the in-game incentives, hash of the block will be the determining factor. So every little move made in the game is a reflection of the transaction in the Litecoin blockchain which creates additional value. Every single weapon, any item and even characters can be traded easily with the help of the crypto.
As per CoinGecko, the price of Litecoin as of press time is $43.63. Its 24-hour trading volume is $1,910,792,793 anf FTX is the most active which is trading it. The price has fallen by 3.8% in the past 24 hours. Its circulating supply is 66 million with a maximum supply of 84 million coins.