Litecoin’s Third “Halving” Successfully Completed; Price Slumps

With the third “halving” in its 12-year existence, Litecoin reached a significant milestone. As part of the protocol for the decentralized network, the event in the blockchain’s lifetime was designed to occur every four years. In technical terms, this meant that the “block subsidy,” or incentive for processing transactions and maintaining network security, was reduced from 12.5 litecoin (LTC) to 6.25 LTC.

While a decrease in payouts might make miners less likely to keep the network secure, it would assist the project by encouraging widespread use of the blockchain without compromising its integrity. The event occurred on Wednesday at about 15:06 UTC (11:06 am ET) when the network hit block height 2,520,000. This is the third time the network has been cut in half since its launch in 2011.

Significant Event Concludes

Even while Litecoin isn’t widely considered to be one of the most technologically viable blockchains, the project’s longevity and nostalgia have maintained it in the minds of crypto veterans. The LTC cryptocurrency is still among the most valued on the market, at over $7 billion.

Although the event was meant to drive the prices further, contrarily it witnesses significant slump. LTC is down 5.77% and is now trading at $87.68 as per CoinGecko.

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Dogecoin, which was first launched as a joke in 2014, has now become a top-20 project with a market worth of $14 billion, and Litecoin is important because it offers the Dogecoin blockchain network security via merged mining. Elon Musk, Tesla’s wealthy founder and the current owner of Twitter, has made Dogecoin his favorite, which he speaks often about.