If you have ever asked yourself if there is a big difference between Dogecoin and Litecoin, don’t worry because we are here for you. We know that many of you still don’t know the answer to this question, so we covered all the essential information in this article.
Here, you will find the key differences between Litecoin and Dogecoin, their market cap and value, what kind of risk they bring, as well as sound investment advice for the cryptocurrency world. So, let’s start!
Litecoin and Dogecoin, what’s the big difference?
Litecoin and Dogecoin became two of the most popular cryptocurrencies in 2021–2022, and interestingly, today we are talking precisely about these two coins from the same P2P world. So, we are sure that investors always have the same question: “Which one to choose, Litecoin or Dogecoin?” Your doubt is wholly justified, given that Litecoin is ranked sixteenth and Dogecoin tenth in terms of market capitalization. But is that the only difference between these coins on the blockchain market? No, of course it’s not, stay with us to find out what the key differences between Litecoin and Dogecoin are.
It’s now time to make a comparison of these two coins. Let’s start with Litecoin.
Litecoin is a popular P2P cryptocurrency nowadays that uses blockchain technology for fast and efficient transactions. But, Litecoin started as a very similar cryptocurrency to Bitcoin. It’s so amusing that Litecoin works almost the same way as Bitcoin, but they still claim that it offers faster transaction times than Bitcoin does.
Former Google employee, Charlie Lee, established Litecoin to make it the “silver to Bitcoin’s gold.” Litecoin was launched on 7th October 2011. The community has accepted the coin as one of the most reliable and most used cryptos besides Bitcoin and Ethereum for almost ten years.
Pros of Litecoin
When it was launched, Litecoin was created to address a few pressing challenges. It was intended to be less erratic than Bitcoin, for starters. Consider Litecoin as the less-active little sibling of Bitcoin. Compared to Bitcoin, the token’s market changes are less frequent. It has been demonstrated, though, that its movements frequently come before those of Bitcoin.
What you should add to the list of Litecoin pros is the major ability to test new systems and protocols. Isn’t that great? Litecoin was the first blockchain that supported the Lightning Network. Also, Litecoin provides way cheaper fees than Bitcoin. These little things helped Litcoin to harm Bitcoin and gain more popularity among new and existing investors.
The current price of Litecoin is $197.20.
People always have smiles on their faces when talking about Dogecoin. This coin is made for fun, and when it was launched for the first time on the market, it was designed as a parody of Bitcoin. So, basically, it was a joke, and the internet community loved it!
The developers who founded Dogecoin were Billy Markus and Jackson Palmer. These two guys were software engineers at IBM and Adobe programmers, making a perfect combination to create one amazingly fun MEME crypto coin. Like Litecoin, Dogecoin is a P2P cryptocurrency built on the blockchain market. It is open-source and heavily emphasizes innovation, change, and value driven by the community.
Pros of Dogecoin
We must mention that new technologies gave us a time-accessible mining process for popular cryptocurrencies. Litecoin takes 2.5 minutes, and when it comes to Dogecoin, that’s just 1 minute, which is almost 10 times faster than with Bitcoin. These numbers are amazingly good because they mean that processing transactions is much easier and faster. As a miner, you get 10.000 Dogecoin for each mined block.
Also, what is truly remarkable about Dogecoin is that it was launched to alleviate some essential social questions and problems. For example, this coin was created to show the fun side of essential topics such as the finance or trading industry. This was the unusual tactic that Doge developers employed—to show people who maybe aren’t interested in these topics that they can be fun.
But did you know there is an unlimited supply of Dogecoin on the market right now? On the other hand, Litecoin has capped supply on the market, with a limit of 84 million, which we can all agree is an astonishing number, and it’s still about four times higher than Bitcoin’s lifetime supply.
And besides all these facts, Dogecoin is regardless one of the cryptocurrencies with the most volatility. Although Litecoin is also subject to fluctuation, statistics suggest it is more stable than Dogecoin.
So now that we have compared these two fantastic coins, we can move on to see which is better to invest in. Let’s check out the results of the Dogecoin vs. Litecoin match.
Dogecoin vs. Litecoin: Which one is better?
Dogecoin has had nothing less than amazing development. DOGE had a market capitalization of $726.323 million and was trading at $0.004681 at the beginning of 2021.
With the support of the Doge community and industry heavyweights like Elon Musk, DOGE is valued at $0.205184 and has a market capitalization of $26.98 billion as of November 2021.
While Litecoin’s story is a little bit different, it still doesn’t mean that you need to choose from these two coins based only on their transaction history or current price. An investment like this can present many risks, so you need to be careful when trading and investing your money in cryptocurrency.
If you still don’t know which one is better to invest in, Litecoin or Dogecoin, think about your needs and then choose the coin that will best suit them. Try to compare these two currencies one more time and determine which one is more suitable for you.
Edward Harper is a crypto trader with years of experience in the market. He got his start early, buying and selling bitcoin when it was first released to the public. Since then, he’s become an expert in all things crypto, and has made a fortune trading digital currencies.
Ed is a self-made man, and he attributes his success to his willingness to take risks and his knack for predicting market trends. He’s always on the lookout for new opportunities in the crypto world, and he’s never afraid to make a bold move when it comes to trading.