As a result of the meme coin craze and the ensuing high fees on the Bitcoin network, transactions on the Litecoin blockchain have increased to all-time highs.
According to blockchain data from BitInfoCharts, on May 8, Litecoin conducted more than 525,000 transactions in a single day, nearly matching Bitcoin’s 575,000 daily transactions.
On Tuesday, 677,769 new addresses were produced each day on Litecoin, surpassing the 350,100 addresses established each day on Bitcoin, according to the data. Since Friday, Litecoin has surpassed Bitcoin in the number of daily new addresses created.
The news comes as the Bitcoin network, which houses Bitcoin (BTC), the cryptocurrency with the greatest market value, is severely congested as a result of the influx of new BRC-20 tokens based on Bitcoin. The Ordinals Protocol uses the Bitcoin network and the BRC-20 token standard to enable users to generate and transfer tokens.
Since May 2021, when BTC reached a then-record high of roughly $64,000, when BRC-20 tokens first gained popularity, when transaction costs for Bitcoin have been climbing, to the highest level since. Additionally, early on Monday, it prompted the biggest cryptocurrency exchange in the world, Binance, to briefly stop accepting Bitcoin withdrawals.
Litecoin’s native token, LTC, is now trading at approximately $80 after increasing in value by about 3.5% during the last day. BTC, which is up about 1% on the day, has underperformed.
