Weekly Recap: DRC-20 overwhelms DOGE network, LTC likely trading at discount, PEPE competes for dominance
- Dogecoin blocks are near full capacity with the DRC-20 token minting frenzy on the DOGE blockchain.
- Litecoin is likely trading at a discount according to on-chain indicators.
- PEPE is challenging the dominance of Shiba-Inu-themed meme coins Dogecoin and Shiba Inu.
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.”
Several #Dogecoin blocks are nearing full capacity due to the spam associated with the DRC20 token minting frenzy.
— Mishaboar (@mishaboar) May 18, 2023
Take a look at this block from just 10 minutes ago: https://t.co/9dHz8upyis
(Source: https://t.co/MRsNWERp6R, https://t.co/sWn3YMDuTx) pic.twitter.com/5hoXJSvYF0
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
