Litecoin outperforms Dogecoin in this important metric: ITB

The Litecoin network processes a whopping $2.85 billion in transactions, which is over 50% of its market cap. This exceeds the transaction volume of many popular Layer 1 blockchain networks and shows increased whale activity.

For example, Dogecoin's market capitalization is nearly three times that of Litecoin. However, despite its high market cap, the popular meme coin has a very low volume of large transactions, approximately $590 million.

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

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

“This is above most layer 1s. For example, Dogecoin has roughly 3x Litecoin's market cap, but sees $590 million in large transactions. This indicates significant whale activity on the Litecoin network.

Interestingly, this coincided with renewed market optimism as Litecoin's price gained nearly 15% last week as it tried to reclaim the $70 level. At the time of writing, the crypto asset was trading at $68 after a slight decline of 1.3% in the last 24 hours.

Last month, Litecoin quickly became the world's most active blockchain, surpassing crypto leaders like Bitcoin and Ethereum in terms of active addresses. This mainly reflects not only increased adoption but also higher network usage.