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

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.

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.

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.

On the Flipside

  • 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 Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.