Litecoin Price Forecast: How Twitter Trends Are Driving Litecoin Adoption

litecoin price forecast 6th March
iStock.com/Julien Viry

Daily Litecoin News Update

Litecoin presents the best use case as a “payments coin.” Social media trends are serving to bolster that assertion. For instance, one hashtag on “Twitter” is helping drive Litecoin adoption.

#PayWithLitecoin is one of the top trending meaningful hashtags within Twitter’s crypto community. In fact, Litecoin users are now propagating it outside the community.

Social media has become a digital rendezvous for businesses and their customers. Twitter, in particular, is allowing for one-on-one public contact between merchants and their potential customers. Litecoin enthusiasts are fully utilizing it to their advantage.

Consider one instance from last week when Litecoin’s Twitter community urged a famous mobile wallet to accept Litecoin and received a clear affirmation in return.

It is speculated that “Breadwallet” may be the popular online wallet that Litecoin founder Charlie Lee had hinted in one of his December 2017 tweets, in which he promised to deliver an unexpected surprise to Litecoin users in 2018.

Lee mentioned at the time that, in addition to the big surprise, Litecoin users would see a merchant processor, a famous wallet, and an online trading platform adding support for Litecoin in 2018.

Breadwallet is currently one of the top mobile phone wallets for Bitcoin. Users love it for its simple user interface that makes storing and moving coins as simple as “ABC.” As of now, “LoafWallet” is the most popular choice for Litecoin users.

Coming back to Twitter’s contributions to Litecoin, Litecoin users have been using the platform to reach out to a number of businesses and pushing them to accept Litecoin.

A month or so ago, Litecoin enthusiasts pushed Spotify to accept Litecoin in a concerted effort.

Something similar was witnessed in January when KFC Canada introduced the first-of-its-kind fried chicken Bitcoin bucket and Litecoin users bombarded them with tweets asking them to introduce something similar for Litecoin. In response, KFC Canada actually approved the idea.

The point I’m trying to make here is that Litecoin’s utility will get limited as a store of value if investors continue to “HODL” it and not actually use it. Social media is serving to encourage its use as a medium of exchange.

Charlie Lee likewise urges investors to use Litecoin for digital payments wherever it’s accepted, instead of making it a tool of speculation. This is why he repeatedly reminds investors to watch Litecoin’s transactions chart and not the price chart to gauge its true value.

Rightly so, because if we were to follow day-to-day price movements, investors will perhaps yearn for a good night’s sleep. Just look at the LTC price chart today. Litecoin prices are down about 6.5% in the past day, as Bitcoin leads a marketwide correction.

Chart courtesy of TradingView.com

Analyst Take

Litecoin’s community is making good use of cheap word-of-mouth marketing. Social media, particularly Twitter and “Reddit,” is turning out to be a significant driver of Litecoin’s adoption. Litecoin’s growing social media community may become the cornerstone of its eventual success as a payments coin.

Therefore, we remain optimistic in our Litecoin price forecast for 2018 with a price target of $400.00 as we watch these trends play out in Litecoin’s favor.

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Litecoin is similar to Bitcoin, and in some ways a direct competitor. Like Bitcoin, Litecoin exists as a blockchain where participating nodes process transactions, and miners provide security and verification for each of those transactions. Litecoin was originally conceived and developed by Charlie Lee in 2011. For a period of time, Charlie was a Director of Engineering at Coinbase, having joined our team in 2013. Since its launch in 2011 Litecoin has seen steady adoption with an active community of traders, merchants, and developers. We believe Litecoin is here to stay and will continue to play an important role in cryptocurrency and digital asset development.
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