Litecoin reaches new Hashrate ATH & Founder embraces Dogecoin; Why?

Sahana Kiran
Source – Unsplash

Years after maintaining a low profile, Litecoin [LTC] is veering back to the top with its latest development. LTC’s privacy-centric update, MimbleWimble seems to have cast a spell on the community. May started out on a great note for the network as it when on to add multiple feathers to its cap. From locking in MimbleWimble to securing an all-time high with regards to its hash rate, LTC was sprinting ahead.

Charlie Lee, the creator of digital silver a.k.a Litecoin took to Twitter and revealed that the LTC mining hash rate had hit an all-time high of 500 TH/s. Dogecoin [DOGE] was also mentioned in this tweet. Lee went on to extend his gratitude to the DOGE mining community.

The LTC network has collaborated with Dogecoin in order to carry out merged mining. During this process, miners verify transactions for both cryptocurrencies simultaneously. The miners involved in merged mining garner rewards from Dogecoin as well as Litecoin chains.

Earlier this year, appearing in an interview, he pointed out that Dogecoin was a great cryptocurrency. He even went on to laud Elon Musk for making crypto more popular by taking it mainstream.

Why is Litecoin way behind Dogecoin?

Litecoin has been in the crypto-verse for quite some time now. Previously, the altcoin had a significant hold on the crypto market. However, with the emergence of new assets, LTC’s ranking and market cap shrunk.

One Twitter user asked Lee why Dogecoin had a much larger market cap than LTC. During press time, LTC was the 22nd largest crypto with a market cap of $7.46 billion. Dogecoin, on the other hand, entailed a market cap of $18.16 billion and took over the 12th rank. Further answering the above question, Lee pointed out the importance of memes. He added,

“Meme game is strong! It’s good for Litecoin as most money is spent on securing the Litecoin network.”