Weekly Recap: DRC-20 overwhelms DOGE network, LTC likely trading at discount, PEPE competes for dominance

Bitcoin and Litecoin blockchains witnessed a massive spike in activity from the launch of BRC-20 and LRC-20 tokens. A similar rise in activity was observed on Dogecoin, resulting in blocks at near full capacity.

Litecoin continues to trade at a discount, ahead of its halving event in August 2023 while the meme coin inspired by “Pepe the Frog” meme is competing against Shiba Inu and Dogecoin head to head with its rising market capitalization. 

Also read: Bitcoin and Ethereum struggle with declining price volatility as options traders turn bearish

How DRC-20 is overwhelming the Dogecoin blockchain

Mishaboar, a crypto influencer and Dogecoin community member, drew DOGE holders’ attention to blocks running at nearly full capacity with the arrival of DRC-20 and its token minting frenzy.

The DOGE community member has criticized the DRC-20 minting and considers it “spam.”

Read more about Dogecoin overtaking Bitcoin in daily transactions here. 

Litecoin is undervalued less than 80 days from its halving

The Litecoin halving is a key event that crypto market participants are looking forward to, with the halving precisely 78 days away. LTC is currently undervalued according to the on-chain indicator MVRV ratio Z score, used to determine whether an asset is undervalued or overvalued is currently negative, below zero at -0.01. 

Typically, as the halving draws closer Litecoin price is expected to recover from its correction. Checkout Litecoin price prediction here. 

PEPE challenges meme coin dominance, rising to top 3 in the category

PEPE’s market capitalization climbed above $643.85 million, pushing the meme coin to the top three in the category. PEPE challenged the dominance of other Shiba-Inu-themed meme coins like Floki (FLOKI) and Baby Doge Coin (BABYDOGE). 

Top five meme coins in the category

Read more about meme coins here.