Although LTC existed before DOGE, the latter seems to have won the hearts of many people. But is this the only comparison between the two?1
Although LTC existed before DOGE, the latter seems to have won the hearts of many people. But is this the only comparison between the two?
1. DOGE's long-term holdings exceed LTC's
2. The social dominance and active addresses of both networks have decreased
IntoTheBlock data shows that in terms of long-term holdings, the number of Dogecoin [DOGE] has exceeded that of Litecoin [LTC]. Although these two Cryptocurrency have received attention and community attention, recent data shows that the supply of DOGE has remained at about 17% in five years.
Not surprisingly, Bitcoin [BTC] is in a leading position with a 29% holding rate. However, it is puzzling that the long-term holding of Litecoin only accounts for 17% of its total supply.
Being older does not necessarily mean being stronger
One of the reasons for this shocking data is the "age difference" between Litecoin and Dogecoin. Litecoin was launched as a lightweight version of Bitcoin in October 2011, while memecoin was created in December 2013.
Although there is a two-year difference, the data indicates that compared to LTC, more investors have a firm belief in the long-term price trend of DOGE.
Nevertheless, the bull market of 2021 may also have played a role in it. Looking back, it was during this period that DOGE gained significant attention from the encryption community.
In addition, as many Cryptocurrency novices and experienced traders joined DOGE, their price performance at that time could improve their adoption rate.
However, there are some similarities between Litecoin and Dogecoin. It is worth mentioning the 30 day active address. According to Santiment, the number of active addresses of Dogecoin has dropped to 392000 in the past 30 days.
Active addresses display the number of addresses used by individuals, exchanges, and miners on the network. Like Dogecoin, the active address of Litecoin also dropped to 6 million.
DOGE leads in price
From a price perspective, DOGE's performance is incredibly superior to LTC. According to CoinMarketCap data, the upper historical performance limit for DOGE is 22394%. The price of LTC is much lower, rising by 1926% since its launch in the market.
However, considering that the next half reduction is coming, Litecoin has the opportunity to improve this performance. From a historical perspective, the value of LTC has shown exponential growth after each halving. Therefore, there may be an opportunity to replicate it this time.
As for the dominant position in society, Litecoin failed to occupy a considerable share of the discussion in the market. As of the time of publication, LTC's social advantage is 44.
This withdrawal means that the token has not received enough hype. If this trend continues, the short-term rise of LTC may face challenges.
On the other hand, the situation at DOGE is even worse. The social advantage value of meme coin is 13, and its social data is not encouraging compared to other assets.
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