Litecoin (LTC) has witnessed superior on-chain activity compared to other prominent coins, such as Dogecoin (DOGE). Per data from IntoTheBlock, LTC processes an impressive $2.85 billion in transactions over $100,000 daily. Notably, it averages more than 50% of its market cap.
This crucial figure surpasses the transaction volume of major layer-1 blockchains. It shows the massive whale activity on the Litecoin network. Moreover, Litecoin’s daily transaction volume in high-value transactions truly stands out in the crypto ecosystem.
The $2.85 billion processed daily in transactions is showing a robust level of activity among large holders, or whales. It highlights that institutional investors or high-net-worth traders have a strong presence in the Litecoin network. They seem to be using it for major transfers. This also shows that these whales are confident in LTC’s long-term outlook.
LTC surpasses DOGE
Dogecoin has a higher market capitalization compared to Litecoin. It is almost three times that of Litecoin. Despite this, the meme coin has a significantly lower volume of large transactions. DOGE has almost $590 million in transactions over $100,000 daily.
This huge difference indicated that while Dogecoin has a huge market cap, its on-chain activity, particularly in large transactions, is comparatively modest. It further highlights the unique use cases and community engagement each coin attracts. DOGE, as a leading meme coin, has grown into a popular coin on the market.
It has a notable following, often driven by social media trends and celebrity endorsements. However, IntoTheBlock data shows that Dogecoin’s utility in major transactions is limited compared to Litecoin.
In addition, the rising whale activity of LTC may have several impacts. History suggests that crypto whales can influence market dynamics, owing to the size of their holdings. Their active participation in the Litecoin market shows their growing confidence in its stability, security and potential for future growth.
Alex Dovbnya
