Litecoin (LTC) Flips Shiba Inu (SHIB) Despite Three-Week High – Here’s Why

The veteran Litecoin’s recent success goes to show that you can teach an old dog new tricks.

Shiba Inu jumping above the clouds towards blue moon with Litcoin logo written on it

In these volatile market conditions, many crypto investors are looking for stability and longevity. Inspired by Bitcoin (BTC), Litecoin (LTC) runs on a slightly modified version of the largest cryptocurrency asset. One of the first altcoins, LTC emerged in October 2011 and proved resilient to the merciless bear market and even the scandals characteristic of the crypto world in 2022.

Thus, the 13th-ranked OG altcoin managed to surpass the extremely popular canine memecoin Shiba Inu (SHIB). This comes right after SHIB reached the highest point in its market value for the past three months.

Both Altcoins Record Double-Digit Gains in Two Weeks

The 11-year-old cryptocurrency caught a strong bullish sentiment right after MoneyGram announced the implementation of the LTC blockchain into their crypto service. Besides, LTC is just as decentralized as BTC, which serves as a big advantage in these market conditions, as the trust in CeFi exchanges is at an all-time low after the FTX disaster.

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At press time, LTC is priced at $79.45, according to CoinGecko. Despite a 4.6% decline in the last 24 hours, the old altcoin is still enjoying juicy 29.5% gains over the past two weeks.

On the other hand, SHIB is changing hands at $0.00000939, also dropping by 3.4% in the last 24 hours. However, SHIB is still up by 11.1% in the last two weeks.

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In contrast to the recent success, the two-year-old memecoin still struggles to reclaim its crucial support line at $0.00001. That’s mostly because of the delays in upgrades – Shibarium, the Layer-2 solution, is still awaiting launch.

  • SHIB’s gas fee token Bone ShibaSwap (BONE) outperformed LTC, with a whopping 46.4% growth in the last 14 days.

Why You Should Care

The price of SHIB tends to correlate with LTC, as seen in the latest altcoin bull runs.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.