- LTC and DOGE have seen spikes in user activity despite stagnation among major cryptos like Bitcoin.
- Litecoin boasted 231K+ active addresses, while Dogecoin saw 46K, per blockchain analytics firm IntoTheBlock.
- Experts say increased on-chain movements could indicate traders seeking short term altcoin gains amid sideways Bitcoin and Ethereum trading.
Recent data from blockchain analytics firm IntoTheBlock reveals that two altcoins, Litecoin (LTC) and Dogecoin (DOGE), have seen notable increases in on-chain activity, even as major cryptos like Bitcoin stagnate.
Specifically, Litecoin boasted 231,270 daily active addresses, while Dogecoin saw 46,080, according to IntoTheBlock’s metrics. The firm highlighted these unexpected upticks, noting both coins experienced significant spikes despite the wider market doldrums.
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
CoinGecko data shows Dogecoin trading at $0.064, with a 1.3% weekly gain. Litecoin stands at $64.77 after a minor 0.2% 24-hour dip, while still notching a 1.5% weekly rise. However, Litecoin’s monthly figure indicates a 22.0% decrease.
Additionally, perpetual futures contracts tied to Binance USD (BUSD) for Litecoin and Dogecoin have been removed from Binance, the leading cryptocurrency exchange.
Experts speculate the increased on-chain movements for Dogecoin and Litecoin may relate to traders seeking short-term gains via altcoins amid Bitcoin and Ethereum’s sideways trading. The data highlights the two meme-based coins’ enduring appeal among retail investors.
IntoTheBlock’s findings fly in the face of crypto sentiment indicators that point to waning interest in altcoins. For Dogecoin and Litecoin, reports of their demise may be exaggerated, as savvy users continue interacting with the chains. Still, their long-term outlook remains clouded amid market uncertainty.
