DOGE Network Overwhelmed by DRC-20; LTC Trades at Discount while PEPE Competes for Dominance.
Dogecoin’s blocks are near full capacity due to the rise in activity from the DRC-20 token minting frenzy on the DOGE blockchain. Likewise, Bitcoin and Litecoin experienced a significant spike in activity from the launch of BRC-20 and LRC-20 tokens. Meanwhile, Litecoin continues to trade at a discount, and the meme coin inspired by “Pepe the Frog” is challenging the dominance of Shiba-Inu-themed meme coins Dogecoin and Shiba Inu. The Litecoin halving is precisely 78 days away, and LTC is currently undervalued according to the on-chain indicator MVRV ratio Z score, which determines whether an asset is undervalued or overvalued. The on-chain indicator for Litecoin is negative at -0.01. Alternatively, PEPE’s market capitalization has risen above $643.85 million, making it one of the top three meme coins in the category. The coin has challenged the dominance of other Shiba-Inu-themed meme coins like Floki (FLOKI) and Baby Doge Coin (BABYDOGE).