Its non-serious nature and reputation as a meme within the crypto community together with a social network effect from the likes of popular figures in the tech sector have made Dogecoin a popular choice among new traders using brokers such as Robinhood.
Fundamentally, Dogecoin and Litecoin make use of the same Scrypt POW mining algorithm. Litecoin and Dogecoin can be merge mined and nearly 90% of Dogecoin’s total hash rate comes from large Litecoin mining pools, with its blockchain processing around 30,000 transactions per day.
If LTC/ BTC follows the same path as DOGE/ BTC then the ratio could reach extremely high numbers within the range of 0. 05 – 0.2 LTC/ BTC . This of course does not mean that this will happen but it is interesting to see the striking resemblance between the two ratio chart patterns.
- Dogecoin and Litecoin are merge mined
- Both use the Scrypt POW mining algorithm
- LTC is traded on Robinhood the broker popular in the US with beginners and other Reddit netizens and BTC still has room to grow in the current macrocycle and the entire crypto market cap has room to grow during the altcoin bull run as new money flows into the market.
- LTC has a similar chart pattern compared to DOGE and therefore has a chance to play out the DOGE pattern
- Monthly histogram is about to flip green
- on weekly
- on the monthly is oversold
- on the monthly are about to expand indicating an increase in price
- Monthly EMAs on the weekly are poised to cross (20 weekly about to cross 50 )
- Monthly PSAR has flipped
Litecoin go up, much wow!