What crypto news have involved the Litecoin (LTC), Dogecoin (DOGE) and Bonk (BONK) coins in recent days?
Below is an overview of price trends and market sentiment.
Crypto analysis of Litecoin (LTC), Dogecoin (DOGE) and Bonk (BONK)
As a reminder, Litecoin (LTC) is a peer-to-peer crypto, the minting and transaction of which is done through its open source protocol.
Dogecoin (DOGE), on the other hand, is the crypto whose logo is inspired by the internet meme depicting the Shiba dog, made famous thanks to the support of Elon Musk.
Finally, Bonk (BONK) is one of the newest dog-themed crypto assets on the market and it’s based on Solana.
Litecoin halving coming in August: will demand exceed supply?
Based on a recent Twitter post by the Litecoin Foundation, we see that the network expects a halving once every four years/once every 840,000 blocks. Hence, the next one is scheduled for August 2023.
Based on what we learn, we see that thanks to the halving, the Litecoin crypto will most likely see much higher demand in the coming weeks.
This is because the purpose of the halving mechanism is to ensure that Litecoin is inflation-proof.
This means ensuring a low supply of Litecoin coins in circulation. This factor positively affects the LTC price action in the long run because demand continues to grow.
Specifically, we see that with each halving, fewer coins are put into the market.
Thus, the demand for LTC grows accompanied by a low circulating supply, and this most likely indicates that demand may exceed supply, which is a positive factor for the price of Litecoin.
Dogecoin marks record high of more than 2 million transactions
Recently, crypto Dogecoin (DOGE) has seen a notable increase in its transaction activity, according to reports. Specifically, on 27 May, the number of DOGE transactions reached a record level of over 2 million with a hashrate of over 38%.
In doing so, Dogecoin surpassed even blockchain giants Bitcoin and Ethereum. In fact, we see that Bitcoin averaged about 400,000-532,000 transactions per day in the last week. Ethereum, on the other hand, has processed about one million.
It all began on 22 May, when the crypto Dogecoin started having about over a million transactions per day. Then, on 23 May, it reached 1.42 million. Finally, on 27 May, Elon Musk’s favorite crypto reached its all-time high: 2,079,070 transactions.
But why this remarkable increase in transactions? We see that many experts attribute it to the introduction of DRC20 tokens, tokens similar to the BRC20 minted on Bitcoin’s blockchain.
However, it is still difficult to understand the value of these new assets. For now, we know that DRC20s, also known as Doginals, are mainly traded through over-the-counter (OTC) exchanges. Thus, in much the same way that Bitcoin Ordinals were traded in the beginning.
Focus on the BONK crypto, comparison with Dogecoin and Litecoin
As anticipated, the Bonk crypto was one of the latest to join the ever-growing circulation of dog-themed meme coins. Specifically, the crypto’s slogan is “a fun meme coin where everyone has a good chance,” and it is the first canine-themed coin based on Solana.
Distributed via an airdrop, Bonk was launched during a bear market and distributed 50% of its 100 trillion Bonk coin offering in the market among the Solana community itself.
In addition, we see that Bonk’s founders remain anonymous. The price of Bonk today is about $0.0000004899, with a 24-hour trading volume of $9.58 M. BONK is at +26.13% in the last 24 hours.
However, it is currently at -17.85% from the 7-day high of $0.0000005964, and 31.16% from the 7-day low of $0.0000003736.