Litecoin users are quite happy about the way things are going. Despite all cryptocurrencies losing value yesterday, LTC held its own with relative ease. Charlie Lee, the creator of Litecoin, feels this is a clear sign of the flippening taking place. Unlike the flippening, the flappening would see Litecoin over Ethereum in market cap. It is merely a jest, although it is not unlikely such an event could take place eventually.
On paper, it sounds ridiculous to think Litecoin can overtake Ethereum in market cap. Then again, a lot of people feel Ether is way overvalued. The native token has no real use cases similar to Bitcoin or Litecoin. That does not mean Ether isn’t used for different purposes, but it may not necessarily warrant the price we see right now. Even despite the drop in price, Ether is still valued high for something most people will not necessarily use anytime soon. It is 85% based on hype and expectations at this point.
Will we see the Flappening Take Place?
Litecoin, on the other hand, actually has some things Ethereum does not. It can scale, which Ethereum is clearly struggling with. The Lightning Network is coming, which may even be released ahead of Ethereum’s Raiden. Additionally, there are applications in development for Litecoin’s lightning network as we speak. Granted, Ethereum has its own Dapps, thus there is some degree of correlation there.
— Charlie Lee [LTC] (@SatoshiLite) July 11, 2017
That being said, there are some hints of a potential flappening. Litecoin’s price is at 23% of the ETH value. That is still a long way to go, but things can change in favor of Litecoin at any given time There are fewer transactions on the Litecoin network compared to Ethereum, though. Then again, a lot of those ETH transfers have to do with cryptocurrency ICOs more than anything else. The trading volume is clearly in favor of Litecoin, though, even though the gap is quite small right now. Just US$4m separates these two currencies right now.
It is certainly possible we will see a flappening take place sooner or later. It has the same chance of succeeding compared to Ethereum taking over Bitcoin by market cap. Both trends are highly unlikely right now, but you never know what the future holds in the world of cryptocurrency. A flappening would certainly be interesting to see. Litecoin seemingly has far more value than Ethereum at this point, depending on whom you ask the question to.