According to a Twitter post shared by Litecoin investor Shan Belew, both Litecoin (LTC) and Dogecoin (DOGE) miners experienced a loss of approximately 20% in their daily block rewards following the Litecoin mining reward halving. However, despite the loss, Dogecoin continues to contribute a significant portion to the miners of both cryptocurrencies.
Dogecoin Winks at Miners
Belew also pointed out on his Twitter account that, due to Dogecoin’s block reward system, it continues to be the primary source of rewards for miners even after the halving. This situation leads to a continuous increase in the overall hashrate ratio for both networks.
Unlike Litecoin and Bitcoin, where block rewards decrease every four years, Dogecoin’s ongoing block reward model provides a stable and secure mining network for both protocols. Belew also shared in his article that this joint mining arrangement is beneficial for both the Litecoin and Dogecoin ecosystems with supporting evidence.
Litecoin and Dogecoin Price
CoinMarketCap reported that LTC and DOGE experienced price drops in the last 24 hours. Accordingly, the value of LTC decreased by 3.81% to approximately $82.86.
Additionally, LTC’s 24-hour trading volume experienced a significant decrease of over 24% since the previous day. Litecoin’s daily volume reached 665,503,633 dollars. These data had a negative impact on LTC’s weekly performance, with a decrease of over 9% in the last seven days.
In contrast, the price of DOGE only decreased by 0.46% in the past day, reaching a trading value of 0.0739 cents. However, this slight decrease caused a further decline of 3.21% in DOGE’s weekly performance, pushing it into the red zone.
According to market capitalization rankings, DOGE ranked seventh with a market value of 10,389,888,326 dollars. This places it between USD Coin (USDC) in sixth place and Cardano (ADA) in eighth place.
