I have this question in my mind, why is Dogecoin’s market cap is far bigger then Litecoin’s?
We all now that the merge mining is what incentives mining those two. As far as I know, Litecoin represents real value (as a payment currency) compared to the memecoin DOGE. Thus, rises the wonder- why is DOGE is ranked 7th while Litecoin ranked 25th in market cap? Is it only thanks to Elon Musk?
I don’t follow the markets closely… however I’d say Elon Musk was a big factor, and DOGE is so cheap that people think of it as one of the best chances for a ‘moonshot’. They can buy hundreds of thousands of DOGE.
One factor could be accessibility. Dogecoin is very beginner-friendly with low price per coin, making it appealing for first-time investors, whereas Litecoin, being higher in price and less hyped, might attract fewer casual buyers.