Litecoin Distances Itself from Lester Memecoin

Litecoin, a veteran cryptocurrency often referred to as the “silver to Bitcoin’s Gold,” is dealing with unexpected fallout on X (formerly Twitter) after its playful jab at the industry inadvertently gave rise to a new meme coin. In a public statement, Litecoin clarified that it has no connection to the coin, seeking to resolve confusion within its community.

From a Tweet to a Mascot to a Memecoin

The saga began on Nov. 13 when Litecoin jokingly tweeted, “Due to current market conditions, I now identify as a meme coin.”

Before long, Dogecoin, the largest meme coin by market cap, asked X user Greg to draw Litecoin, a new mascot (Lester) for its community, as a goodwill gesture.

However, the lighthearted fun escalated when a group of users launched a meme coin on the Solana blockchain, dubbing it "Lestercoin." Litecoin issued this statement on X yesterday to address the situation.

"The @Litecoin handle does not have any affiliation with, or intent to consciously promote or acknowledge those using the name or likeness of Lester on Solana. It is not the official mascot of Litecoin in any manner."

Since crypto is a free market, the group’s actions are not technically illegal. The only harm done appears to be confusion among Litecoin followers, who may have thought that the Litecoin team created Lestercoin.

Lestercoin Gains Traction Despite Controversy

Meanwhile, Lestercoin has quickly gained traction, peaking above $100 million before dropping to its current market capitalization of $30 million. Though unrelated to Litecoin, its emergence highlights the viral nature of meme culture in the cryptocurrency world.

However, Litecoin’s statement stirred mixed reactions on X. One user said the move was bad since Lestercoin is why Litecoin has been gaining attention.

Another user said Litecoin can be high quality and fun, unlike memes.

What’s Next For Lester

Litecoin has received permission from the Lester image creator to use Lester's likeness and popularity to help drive donations to its foundation through Lester merchandise sales in the future. As the situation unfolds, it’s a reminder of how fast the crypto space can turn a joke into a marketable—and sometimes chaotic—phenomenon.