As a result of the meme coin craze and the ensuing high fees on the itcoin">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 itcoin">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 itcoin">Bitcoin, according to the data. Since Friday, Litecoin has surpassed itcoin">Bitcoin in the number of daily new addresses created.
The news comes as the itcoin">Bitcoin network, which houses itcoin">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 itcoin">Bitcoin. The Ordinals Protocol uses the itcoin">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 itcoin">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 itcoin">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.
