According to a Twitter post shared by Litecoin enthusiast Shan Belew, after the Litecoin (LTC) halving, both Litecoin and Dogecoin (DOGE) miners experienced a 20% reduction in their daily block rewards. Regardless of the discount, Dogecoin still contributes a significant share of the total block rewards for miners of all cryptocurrencies.
The post also stated that, because to Dogecoin’s consistent block rewards mechanism, it remains the initial source of payouts for miners even after the halving. This has resulted in a continuous increase in the overall hashrate for each network.
Unlike Litecoin and Bitcoin, whose block rewards are reduced every four years, Dogecoin’s continual block rewards model assures a steady and secure mining community for all protocols. Belew also mentioned in his post that this shared mining network association has proven beneficial to both the Litecoin and Dogecoin ecosystems.
According to CoinMarketCap, LTC and DOGE experienced value declines in the final 24 hours of trading. LTC was worth approximately $82.86 at press time, down 3.81% from yesterday.
Furthermore, LTC’s 24-hour trading volume has dropped significantly, plummeting more than 24% since the previous day. As a result, the altcoin’s intraday value was $665,503,633.
These difficulties had a negative impact on LTC’s weekly efficiency, with a drop of more than 9% in the previous seven days.
DOGE’s worth, on the other hand, declined by 0.46% over the previous day, hitting a purchasing and trading price of $0.07399. Nonetheless, the modest drop moved DOGE’s weekly efficiency farther into the red zone, to -3.21%.
DOGE was ranked seventh in terms of market capitalization, having a market cap of $10,389,888,326. This put it between USD Coin (USDC) in sixth and Cardano (ADA) in eighth place.
