A digital token launched 12 years ago as a more transaction-friendly version of Bitcoin is drawing the attention of speculators after a meme-token frenzy drove up costs on the largest blockchain.
Litecoin has rallied almost 20% since May 8, when fees on Bitcoin reached a high of $30 per transaction, compared with a decline in an index of cryptocurrencies. The surge in Bitcoin fees has also driven transactions on the Litecoin blockchain to a record as users sought a cheaper alternative — without spawning a similar jump in costs.
Like Bitcoin, Litecoin relies on a so-called proof-of-work mechanism where …
