Litecoin Surpassed Dogecoin in This Important Metric: ITB
Litecoins network processes a whopping $2.85 billion in transactions, which is over 50% of its market cap. This surpasses the transaction volume of many prominent Layer 1 blockchain networks and potentially demonstrates an increased level of whale activity.
For example, Dogecoin has a market capitalization nearly three times that of Litecoin. However, despite its higher market cap, the popular meme coin has a much lower volume of large transactions, with approximately $590 million.
This significant difference suggests that the Litecoin network experiences considerable activity from whales, or large holders, who play a substantial role in driving the networks transaction volume.
Such high levels of large transactions highlight the utility and adoption of Litecoin among high-value participants in the crypto market. ITBs tweet read,
This is more than most Layer 1s. For example, Dogecoin sees $590 million in large transactions, despite having roughly 3x Litecoins market cap. This suggests significant whale activity on the Litecoin network.
Interestingly, this coincided with renewed market optimism as Litecoins price fetched almost 15% gains this past week as it attempted to reclaim the $70 level. At the time of writing, the crypto asset was trading at $68 after a minor decline of 1.3% over the last 24 hours.
Last month, Litecoin briefly became the most active blockchain in the world, overtaking crypto leaders such as Bitcoin and Ethereum with respect to active addresses, likely driven by its cost and time efficiency. This essentially not only signify increased adoption but also high network usage.
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