The percentage of DOGE’s long-term holdings was more than LTC. Social dominance and active addresses on both networks declined.
Dogecoin [DOGE] managed to surpass Litecoin [LTC] in terms of long-term positions, IntoThe Block data showed. While both cryptocurrencies have received their fair share of attention and communities, recent data showed that DOGE’s supply, which had been unmoved for five years, was down 17%.
Realistic or not, here it is DOGE’s market cap in terms of LTC
Unsurprisingly, Bitcoin [BTC] led the cohort, boasting a 29% participation rate. But the mind-boggling thing was that Litecoin could only account for 17% of the long-term total supply.
Unmoved Coins speak volumes about the long-term vision of crypto investors. Our latest infographic explores this for #Bitcoin, #LitecoinAnd #Dogecoin. Explore the data, understand the patterns👇 pic.twitter.com/29FRAM1Keq
— IntoTheBlock (@intotheblock) July 17, 2023
Older does not mean stronger
One of the reasons this data is astounding is Litecoin’s “age difference” to Dogecoin. While Litecoin was launched in October 2011 as a lighter version of Bitcoin, the memecoin was created in December 2013.
Despite the two-year gap that exists, the data suggested that more investors are on solid ground conviction in DOGE’s long-term price action than LTC.
Nevertheless, the 2021 bull market may also have played a role in the reversal. Recall that it was during this period that DOGE received huge attention from the crypto community.
Also, the price performance at the time could increase its adoption as many crypto newbies and veteran traders joined the DOGE bandwagon.
However, Litecoin and Dogecoin had some similarities. A striking mention are the 30-day active addresses. According to Santiment, Dogecoin’s active addresses in the past 30 days have fallen to 392,000.
Active addresses show the number of addresses used by individuals, exchanges and miners on a network. Like Dogecoin, Litecoin’s active addresses also dropped to six million.
Source: Sentiment
The wide margin of this statistic could be linked to the fact that Litecoin enjoyed more years of adoption before Dogecoin got its hype.
DOGE leads in price but…
In terms of price, DOGE has outperformed LTC incredibly. According to CoinMarketCap, DOGE’s all-time performance is capped at 22,394%. LTC was much lower with an increase of 1,926% since its introduction to the market.
However, Litecoin has a chance to improve on this performance as it is next halve is nearby. Historically, the value of LTC has increased exponentially after each halving. Therefore, there could be an opportunity to replicate it this time.
As regards social dominance, Litecoin has failed to capture a substantial share of the discussions in the market. At the time of writing, LTC’s social dominance was 44.
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This inclusion means that the coin did not get enough hype. If this trend continues, it could be challenging to see an LTC increase in the near term.
Source: Sentiment
DOGE, on the other hand, was worse off. With a social dominance value of 13, the memecoin’s social data was not encouraging when compared to other assets.
This post How Dogecoin beat Litecoin despite its 2-year lead
was published first on https://ambcrypto.com/how-dogecoin-edged-out-litecoin-despite-latters-2-year-head-start/
