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July 24, 2024 by Lipika Deka
Litecoin [LTC] and Dogecoin [DOGE] have emerged as the top players among the altcoin troupe in attracting significant amounts of non-empty wallets or holders. This underscores the growing investor interest in these alternative cryptocurrencies. Santiment, a leading data insight platform, observed the trend in a ten-year study.
The report shows that Litecoin often dubbed “Bitcoin’s silver,” has held the highest number of hodlers with a whopping 8.08 million non-empty wallets. On the other hand, Dogecoin, the oldest meme-coin cryptocurrency, has secured the second position with 6.69 million wallets.
In recent times, LTC has processed an average of $2.85 billion in transactions over $100,000 each day, according to data from IntoTheBlock. This figure represents more than 50% of Litecoin’s market cap, a significant milestone among the Layer 1 protocols.
In contrast, Dogecoin, despite boasting nearly three times Litecoin’s market cap, handles only $590 million in large transactions. This disparity highlights LTC’s appeal to large-scale investors and the increasing whale activity within its network.
Analysts attribute the uptick in high-value transactions to growing confidence in Litecoin’s stability and utility as a reliable digital currency.
Litecoin: Shiba Inu Joins the Pack
Other notable altcoins that exhibited robust growth include XRP which sits at 5.24 million wallets, while Cardano [ADA] holds 4.48 million. Another meme coin to make it to the list is Shiba Inu [SHIB], garnering 1.39 million non-empty wallets. Even Chainlink [LINK], a decentralized blockchain oracle network has secured a notable 722,000 non-empty wallets. All these figures indicate investor interest in altcoins with utility-driven purposes.
A surge in non-empty wallets is reflective of an increase in altcoin adoption. Several factors might be driving this trend, including ease of use, lower transaction fees, and diversification. While the data suggests a promising development, it’s important to note that non-empty wallets don’t necessarily equate to active users. It is also crucial to understand engagement levels and overall investment activity within these altcoin communities.
Overall, the rise in non-empty wallets portrays a positive picture for the altcoin market. As the cryptocurrency ecosystem continues to gain traction it will be interesting to see how these trends develop and how altcoins position themselves within the broader financial landscape.
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