Litecoin User Spent $17,500+ in Transaction Fees for $778 Transfer

In a very weird development, records on the Litecoin blockchain show that on May 23 at 08:59, a certain user spent 200.00360600 LTC (appr. $17,500) as fees for a single transaction of 8.88 LTC (appr $778).

According to Litecoin, the bizarre transaction which appears to be from a business organization rather than an individual raised the average transaction fee on the network from 5¢ to 70¢.

The Litecoin wallet address till date has transacted as much as $211,490,071.48 worth of Litecoins and had a balance of $28,703 at press time.

Meanwhile, the mining pool that received the huge transaction fee was identified as China-based miner LTC.TOP. As with other rare cases when this kind of weird transaction occurred, the person who executed the transfer could still reach out to the mining pool and negotiate a refund.

Litecoin (LTC) Market Performance — Bullish

The surprising transaction on the Litecoin network has not in any way affected the bullish price action that the token has seen on the 24-hours, albeit alongside the rest of the crypto markets.

At press time, the value of 1 LTC was $102.7 (14% increase) in the last 24hours even though the altcoin had started the day at $88.

With Litecoin‘s market cap also climbing as high as $6.2 billion in the process, analysts believe the impending halving of the network’s mining reward in the next three months has already started affecting the price.