According to U.Today, Litecoin (LTC) has demonstrated superior on-chain activity compared to other notable cryptocurrencies, including Dogecoin (DOGE). Data from IntoTheBlock reveals that Litecoin processes an impressive $2.85 billion in transactions over $100,000 daily, averaging more than 50% of its market cap. This significant figure surpasses the transaction volume of major layer-1 blockchains, indicating substantial whale activity on the Litecoin network.
The daily transaction volume of high-value transactions on the Litecoin network highlights robust activity among large holders, or whales. This suggests that institutional investors or high-net-worth traders have a strong presence in the Litecoin ecosystem, using it for significant transfers. The confidence of these whales in Litecoin's long-term outlook is evident from their active participation.
In contrast, Dogecoin, despite having a market capitalization almost three times that of Litecoin, has a significantly lower volume of large transactions. Dogecoin processes nearly $590 million in transactions over $100,000 daily. This disparity indicates that while Dogecoin has a substantial market cap, its on-chain activity, particularly in large transactions, is relatively modest. This further underscores the unique use cases and community engagement each coin attracts.
Dogecoin, as a leading meme coin, has garnered a notable following, often driven by social media trends and celebrity endorsements. However, data from IntoTheBlock shows that Dogecoin's utility in major transactions is limited compared to Litecoin. The rising whale activity in Litecoin may have several implications. Historically, crypto whales can influence market dynamics due to the size of their holdings. Their active participation in the Litecoin market reflects growing confidence in its stability, security, and potential for future growth.
