Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- LTC and DOGE have experienced increases in user engagement despite stagnation among major cryptocurrencies such as Bitcoin.
- Litecoin recorded over 231K active addresses, while Dogecoin had 46K, according to blockchain analytics company IntoTheBlock.
- Analysts suggest that heightened on-chain activity may signal traders pursuing short-term altcoin profits amid stable Bitcoin and Ethereum trading.
Recent insights from blockchain analytics firm IntoTheBlock indicate that two altcoins, Litecoin (LTC) and Dogecoin (DOGE), have witnessed significant rises in on-chain activity, even as major cryptocurrencies like Bitcoin remain stagnant.
In particular, Litecoin reported 231,270 daily active addresses, while Dogecoin recorded 46,080, based on IntoTheBlock’s data. The firm emphasized these surprising increases, pointing out that both coins saw considerable spikes despite the broader market’s lack of movement.
Related Posts
Despite complex markets, active addresses for most top blockchains have remained stable. Some assets, like $LTC and $DOGE, even showed significant spikes in activity recently.#Bitcoin #Ethereum #Dogecoin #Litecoin pic.twitter.com/PI1KxcoT5k
— IntoTheBlock (@intotheblock) August 19, 2023
Data from CoinGecko indicates that Dogecoin is trading at $0.064, reflecting a 1.3% gain over the week. Litecoin is priced at $64.77 following a slight 0.2% dip in the last 24 hours, while still achieving a 1.5% increase for the week. However, Litecoin’s monthly performance shows a 22.0% decline.
Furthermore, perpetual futures contracts linked to Binance USD (BUSD) for both Litecoin and Dogecoin have been delisted from Binance, the leading cryptocurrency exchange.
Analysts speculate that the rise in on-chain activity for Dogecoin and Litecoin may be connected to traders looking for short-term profits through altcoins during Bitcoin and Ethereum’s stable trading period. The data underscores the continued interest in these two meme-based coins among retail investors.
IntoTheBlock’s observations contrast with crypto sentiment indicators that suggest diminishing interest in altcoins. For Dogecoin and Litecoin, claims of their decline may be overstated, as knowledgeable users persist in engaging with the networks. Nevertheless, their long-term prospects remain uncertain amid market volatility.
