Litecoin outperformed Dogecoin in this important metric: ITB

The Litecoin network processes a whopping $2.85 billion in transactions, which is more than 50% of its market cap. This exceeds 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 cap almost three times that of Litecoin. However, despite its larger market cap, the popular meme coin has a much smaller volume of large transactions, with approximately $590 million.

This significant difference suggests that the Litecoin network experiences considerable activity from whales, or large owners, who play a substantial role in driving the network’s transaction volume.

Such high levels of large transactions highlight the utility and adoption of Litecoin among high-value participants in the crypto market. ITB’s tweet read,

“This is more than most Layer 1s. For example, Dogecoin sees $590 million in large transactions, despite having roughly 3x the market cap of Litecoin. This suggests significant whale activity on the Litecoin network.”

Interestingly, this coincided with the market’s renewed optimism, as the price of Litecoin posted gains of almost 15% last week as it tried to regain the $70 level. At the time of writing, the crypto asset was trading at $68 after a minor decline of 1.3% over the past 24 hours.

Last month, Litecoin briefly became the most active blockchain in the world, surpassing crypto leaders like Bitcoin and Ethereum in terms of active addresses, likely driven by its cost and time efficiency. This essentially means not only higher adoption, but also high network usage.

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