Some of you may have heard about the Ethereum and Bitcoin “flippening”. The “flippening” became a term in the crypto community during the summer of 2017 when Ethereum’s market cap was nearing that of Bitcoin’s. Many people speculated that the two crypto’s market cap positions could flip. This “flippening” has not occurred, but the “flappening” has.
The “flappening” is a parody of the “flippening” but between Litecoin and Bitcoin Cash instead of Ethereum and Bitcoin. Yesterday, Litecoin overtook Bitcoin Cash’s market capitulation. Therefore, the “flappening” has finally occurred.
Charlie Lee, the founder of Litecoin, predicted that this would happen in a tweet earlier this year:
The flippening (ETH>BTC) will never happen. But the flappening (LTC>BCH) will happen this year. 🐔🚀 pic.twitter.com/vn9XBdZNC3
— Charlie Lee [LTC⚡] (@SatoshiLite) February 25, 2018
This is a victory for both Litecoin fans and Bitcoin Cash haters (like Charlie Lee).
While the flappening in market cap has occurred, there are still other categories where the flappening has not yet happened. According to flappening.watch, the flappening has completed for the number of active addresses, 24-hour trading volume, mining reward, and average block time. The flappening has yet to occur for current price and 24-hour transaction amount.
This flip has likely happened due to Bitcoin Cash’s freefall during the past month following the drama of the BCH fork, and the fact that at press time Litecoin happens to be up 12% on the day. Litecoin now holds the 7th highest market cap in the crypto market.
If you want to keep track of the status of the flappening, check out flappening.watch.