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Litecoin founder Charlie Lee today tweeted a cryptic emoji message of a chicken, dolphin, bee, cash, and soon an arrow. Many of Lee’s followers responded, speculating on what he meant.
But it was @MASTERBTCLTC which gave the most likely explanation by replying with “Litecoin flip B cash soon”.
🐓 litecoin
🐬 flip
🐝 B
💵 cash
🔜 soon– Master⚡️250k BTC 6.25k LTC 2021 (@MASTERBTCLTC) November 16, 2020
Lee has neither confirmed nor denied any of the responses to his message. Also, there is no logical explanation as to why a chicken would represent Litecoin.
However, an analysis of CoinMarketCap’s top 10 shows Litecoin on the rise, with Bitcoin Cash stumbling, lending support to this interpretation.
At the moment, the difference between sixth and seventh place is a matter of $ 183 million, or 0.04% of the total market capitalization of cryptocurrencies.
Source: CoinMarketCap.com
Litecoin aims for sixth place on CoinMarketCap
Litecoin was up nearly 12% last week, having today hit a 12-week high, at $ 68.50.
Technical analysis noted the formation of a major uptrend line, which will give further upside soon. Analysts are aiming for $ 70 if LTC maintains its momentum.
Source: LTCUSDT on TradingView.com
Whereas today, Bitcoin Cash is suffering from a case of post hard fork blues. The last 24 hours have seen a 3% drop in price.
Unlike LTC, which has closed a string of higher highs since late September, Bitcoin Cash struggles to gain momentum to the upside, having bounced off the $ 240 support line on three occasions recently.
Source: BCHUSDT on TradingView.com
Bitcoin Cash future uncertain after Hard Fork
To add insult to injury, the future of Bitcoin Cash hangs in the balance after the chain’s hard fork yesterday.
The split arose due to disagreements over the infrastructure financing plan (IFP). Those in the Bitcoin Cash ABC faction have demanded an 8% tax on miners’ profits to finance the development of the network. While Bitcoin Cash Node advocates believed a miners tax was unnecessary and believed the protocol should remain unchanged.
Proponent of Bitcoin Cash Roger See he expressed his opposition to the miner’s tax calling for its centralization.
“Divert part of the file #BitcoinCash block reward for paying a single dev team is a Soviet-style central planner’s dream come true. Please stop. “
Ver’s comments were directed at the developer Amaury Séchet, who argues that the miners’ tax is needed. Long-term, Séchet believes that spillover effects will lead to an increase in the value of the network.
“This allows Bitcoin ABC to make this much-needed improvement while miners who may prefer other rules are free to choose an alternative and viable implementation.”
If Bitcoin Cash ABC fails to attract enough support for hashing, the project would vanish. While this may be a cause for celebration for Bitcoin Cash Node supporters, the question is: Can Bitcoin Cash continue as it did before the fork?
One thing is certain, Litecoin is dangerously close to sixth place.
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