Altcoins
Litecoin and Dogecoin top wallet count
Litecoin [LTC] and Dogecoin [DOGE] have emerged as the major players among the altcoin crew in attracting significant amounts of non-empty wallets or holders. This underscores the growing interest of investors in these alternative cryptocurrencies. Santiment, a leading data analytics platform, observed the trend in a ten-year study.
The report shows that Litecoin, often dubbed as the “silver of Bitcoin,” held the highest number of holders with a whopping 8.08 million non-empty wallets. On the other hand, Dogecoin, the oldest meme-coin cryptocurrency, secured the second position with 6.69 million wallets.
Recently, LTC has processed an average of $2.85 billion in transactions over $100,000 per day, according to data from IntoTheBlock. This represents over 50% of Litecoin’s market cap, a significant milestone among Layer 1 protocols.
In contrast, Dogecoin, despite boasting nearly three times the market cap of Litecoin, only handles $590 million in large transactions. This disparity highlights LTC’s appeal to large-scale investors and the growing activity of whales within its network.
Analysts attribute the increase in high-value transactions to growing confidence in Litecoin’s stability and utility as a trusted digital currency.
Litecoin: Shiba Inu joins the group
Other notable altcoins that have shown robust growth include Exchange rate risk which stands at 5.24 million wallets, while Cardano [ADA] contains 4.48 million of them. Another meme coin that made it to the list is Shiba Inu [SHIB]collecting 1.39 million non-empty wallets. Chainlink also [LINK]A decentralized blockchain oracle network has achieved a whopping 722,000 non-empty wallets. All these numbers indicate investor interest in utility-oriented altcoins.
A surge in non-empty wallets reflects an increase in altcoin adoption. Several factors could be driving this trend, including ease of use, lower transaction fees, and diversification. While the data suggests a promising development, it is important to note that non-empty wallets do not necessarily equate to active users. It is also critical to understand the levels of engagement and overall investment activity within these altcoin communities.
Overall, the rise of non-empty wallets paints a positive picture for the altcoin market. As the cryptocurrency ecosystem continues to gain traction, it will be interesting to see how these trends play out and how altcoins fit into the broader financial landscape.