Litecoin (LTC) Outperforms Dogecoin (DOGE) in On-chain Activity
Release: 2024/07/12 20:34 Reading: 483
Litecoin (LTC) Witnesses Superior On-Chain Activity
Cover image courtesy: U.Today
Litecoin (LTC) exhibits remarkable on-chain activity compared to other notable cryptocurrencies like Dogecoin (DOGE). Data from IntoTheBlock reveals that LTC processes an impressive $2.85 billion daily in transactions exceeding $100,000. This figure constitutes over 50% of LTC's market capitalization.
This substantial volume surpasses that of major layer-1 blockchains, signifying the significant whale activity on the Litecoin network. LTC's daily transaction volume in high-value transactions stands out in the crypto ecosystem.
The $2.85 billion processed daily in transactions demonstrates a robust level of activity among large holders, popularly known as whales. It suggests that institutional investors and high-net-worth traders have a strong presence in the Litecoin network, likely utilizing it for substantial transfers. This also reflects their confidence in LTC's long-term prospects.
LTC Surpasses DOGE in Large Transactions
Despite Dogecoin's higher market capitalization, which is approximately three times that of Litecoin's, it registers a significantly lower volume of large transactions. DOGE records approximately $590 million daily in transactions exceeding $100,000.
This marked difference indicates that while DOGE has a higher market valuation, its on-chain activity in large transactions is comparatively modest. This underscores the varying use cases and community involvement each coin attracts.
DOGE has gained popularity as a leading meme coin, supported by strong social media momentum and celebrity endorsements. However, IntoTheBlock data suggests that Dogecoin's utility in major transactions is limited when compared to Litecoin.
Implications of Rising Whale Activity on LTC
The increasing whale activity on LTC has several potential implications. Historically, crypto whales can influence market dynamics due to the substantial size of their holdings. Their active participation in the Litecoin market demonstrates their growing confidence in its stability, security, and potential for future growth.
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